May 22, 2013 / 11:31 AM / 5 years ago

UPDATE 1-Ghana producer price inflation falls to 10.2 pct in April

ACCRA, May 22 (Reuters) - Ghana’s annual producer price inflation fell to 10.2 percent year-on-year in April from a revised 10.6 percent in March, the West African country’s national statistics office said on Wednesday.

Philomena Nyarko, acting government statistician, said the marginal decline was due mainly to lower gold prices in the global market during the period.

“From the producer’s perspective, prices went up by 10.2 percent in April, representing a decrease by 0.4 percent points relative to the rate recorded in March,” Nyarko told a news conference.

Producer price inflation is an advance indicator of consumer price inflation, which the government wants in the single digits. In April, CPI rose to its highest level since June 2010, 10.6 percent, on the back of depreciation in the cedi currency.

The central bank’s monetary policy committee, which decides on interest rates, was due to meet later on Wednesday.

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