Ghana June producer inflation at 33.1 pct yr/yr: statistics office

A worker at Ashanti goldfields' big mine in Obuasi, Ghana, supervises the pouring of gold heated to around 1,600 centigrade.·Reuters· (Reuters)

ACCRA (Reuters) - Ghana's annual producer price inflation (PPI) rose to a fresh four-year high of 33.1 percent year-on-year in June, driven mainly by utility price increases, the statistics office said on Wednesday. PPI has steadily increased this year to a revised 33.0 percent in May, after the government removed subsidies on power and water as part of measures to cut spending. Government statistician Philomena Nyarko said utilities had recorded the highest change of 56.9 percent in June. The PPI index is based on price data for three industries: utilities, mining and manufacturing. "The tempo at which utilities are rising is worrying and we are hoping that policies will be put in place to arrest the situation," Nyarko told a news conference in Accra. Producer price inflation is an advanced indicator of consumer price inflation, which rose to 15 percent in June, driven mainly by a persistent depreciation of the local cedi currency.

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