Ghana producer price inflation falls to 46.7 pct yr/yr: stats office

ACCRA (Reuters) - Ghana's annual producer price inflation fell to 46.7 percent in September, down from 48.3 percent year-on-year in August, the national statistics office said on Wednesday. The figure is an indication of the economic challenges facing the West African country, whose gross domestic product has grown swiftly in recent years through its exports of gold, cocoa and oil. Slightly lower figures for the manufacture of food, beverages and furniture helped to lower the overall figure, chief government statistician Anthony Amuzu said. "The utilities sub-sector recorded the highest rate of 76.1 percent. This was followed by the mining and quarrying sub- sector at 50.6 percent. Manufacturing sector was 39.6 percent," he told a news conference. Ghana is aiming to seal a deal in November with the International Monetary Fund to stabilize its macro-economy, which has this year seen rising inflation, a falling currency and a double-digit budget deficit. Standard & Poor's ratings agency downgraded Ghana's rating on Friday in the face of those problems. Producer price inflation is an advance indicator of consumer price inflation, which rose to a four-year high of 16.5 percent in September. The initial August figure for producer price inflation was also 48.3 percent.