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Ghana Producer Prices Rise in February on Gold-Mining Costs

March 28 (Bloomberg) -- Ghana’s producer-price inflation accelerated in February as costs of mining in Africa’s second-biggest gold producer jumped, according to the Ghana Statistical Service.

The rate rose to 16.1 percent from a revised 15 percent a month earlier, Philomena Nyarko, an official with the service, told reporters in Accra, the capital, today. Costs rose 2.1 percent in the month, she said.

Mining and quarrying costs increased 39 percent in February from a revised rate of 28 percent a month earlier, as global gold prices, which are factored into producers’ costs in the index, climbed, Nyarko said. The price for spot gold was an average $1,740.55 per ounce in February, compared with $1,377.89 in the same month of 2011.

Growth in manufacturing costs slowed to 13.7 percent in the month from a revised 14.3 percent in January, while utilities costs were little changed at 9.4 percent, compared with 9.3 percent a month earlier, according to the statistics agency.

To contact the reporter on this story: Ekow Dontoh in Accra at edontoh@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net

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