Ghana producer price inflation hits 19.1 pct in June

ACCRA (Reuters) - Ghana's annual producer price inflation rose to 19.1 percent in June, the highest in nine months, the statistics office said on Wednesday, due in part to manufacturers having to pay more for imports due to a plunge this year in the cedi currency.

The statistical office revised down producer inflation for May to 16.6 percent, from 18.01 percent, as previously announced.

The West African nation's cedi currency has slipped by more than 17 percent against the dollar since January on persistent demand for imports to fuel the growing economy, which expanded 14.4 percent in 2011.

"The cedi's depreciation is a factor (in the jump in producer prices)," Magnus Ebo Duncan, director of economic statistics, told Reuters.

Producer prices in the world's second-largest cocoa producer rose 2.6 percent on the month, he said.

Duncan said producer prices in the manufacturing sector, which constituted more than two-thirds of total industry output, increased to 22 percent in June from 17.6 percent previously.

Source: http://news.yahoo.com/ghana-producer-price-index-rises-19-1-pct-102242241--business.html

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