Latest news with #producerprice
News24
04-08-2025
- Business
- News24
Ghana raises cocoa prices paid to farmers by 63%
• For more financial news, go to the News24 Business front page. Ghana on Monday increased the producer price of cocoa by more than 60 percent ahead of the 2025-26 season, a move expected to put pressure on top cocoa-producing rivals like Ivory Coast. The move could also raise global cocoa costs even further, at a time when supply chains are already tightening due to climate shocks and ageing farms. Finance Minister Cassiel Ato Forson said the rate paid to farmers will rise from $3 100 to $5 040 (R91 000) per tonne, a 62.58-percent increase. "The cocoa farmer remains a critical pillar of our economy, and this government is committed to ensuring they benefit from the gains we are making," the minister said at a news conference in the capital Accra. Ghana, the world's second-largest cocoa producer, typically sets its prices ahead of Ivory Coast, which leads global production. The Ivorian government is currently paying farmers 1 500 CFA francs (R45) per kilogramme, about $2 440 per tonne. The substantial increase in Ghana is in line with a campaign promise by President John Mahama, elected in December, to raise cocoa farmers' share of export earnings to at least 70 percent of the Free-On-Board (FOB) value - the price of cocoa at the point it is loaded onto a ship for export. The FOB price has shot up in recent years, with the current $7 200 price reflecting a blend of earlier contracts signed at $2 600 per tonne during the 2023-24 season and forward sales forecasts for 2025-26, Forson said. Farmers were previously only receiving 63.9 percent of the FOB price, or $3 100 of the $4 850 FOB value, in the 2024-25 season. Forson said the revised price also accounts for improved macroeconomic conditions, including a strengthening cedi and easing inflation. Ghana's price controls are meant to stabilise earnings for farmers, especially during price dips, but critics say they have lagged behind market highs, especially in recent years as global prices have spiked. In response, some farmers have joined the country's gold rush, selling off land to informal miners - many of whom have left environmental destruction in their wake, further squeezing production. Getting fair prices for farmers - at the bottom of cocoa's global value chain - has long been a goal of both activists and west African governments, with fingers pointed at both private firms and buyers as well as official corruption. Forson also announced the reintroduction of the government's free cocoa fertiliser programme, which includes the distribution of fertilisers, insecticides, fungicides, spraying machines and flower inducers to increase yields and income.
Yahoo
10-07-2025
- Business
- Yahoo
UK faced more producer inflation than thought, corrected official data shows
By Andy Bruce MANCHESTER, England (Reuters) -Britain suffered higher rates of industrial producer price inflation than previously assumed, according to new indicative figures from the Office for National Statistics that aim to correct problems with the data. The ONS is in the process of fixing problems with a wide range of economic data including unemployment figures as well as the producer prices figures. Last month an official review called for a major restructuring of the organisation's management. Producer price data measure how input costs and selling prices of manufacturing and services companies change. The figures are used in gross domestic product data to adjust for different rates of inflation in different industries, and in some trade data too. The ONS suspended the publication of producer price data in March after finding an error in how 'chain-linking' methods had been coded into its data production systems and said on Thursday that it expected to resume normal publication in October. Thursday's figures represent work so far in correcting the data and show big upward revisions for annual input and output inflation rates for factories in 2023. They were pushed higher by average of 1.0 and 1.1 percentage points, respectively. Whereas the uncorrected data suggested that Britain flirted with deflation for factory output prices in the second half of 2023, the new series show prices rising at an annual rate of around 1%. The most recent previously published annual rate of producer output price inflation, for January 2025, was revised up to 0.6% from 0.3% and the ONS estimated that April's reading on the corrected methodology was 0.5%. "Further corrections are mostly expected to be small in magnitude," the ONS said. Annual factory input and output inflation rates peaked in 2022 at slightly higher levels than previously thought when Britain was hit by an energy price shock caused by Russia's full-scale invasion of Ukraine. Revisions to producer input price inflation showed a similar pattern to those for output price inflation. The new data show annual input price inflation stood at 0.6% in January 2025, compared with a previous estimate of -0.1%. April 2025 figures showed a 1.1% annual fall in manufacturers' input costs. The new series for the services sector producer prices showed a more nuanced picture. The ONS had overestimated services output price inflation during 2022, but underestimated it through 2023 and some of 2024. (Graphics by Andy Bruce; editing by David Milliken)
Zawya
10-07-2025
- Business
- Zawya
UK faced more producer inflation than thought, corrected official data shows
Britain suffered higher rates of industrial producer price inflation than previously assumed, according to new indicative figures from the Office for National Statistics that aim to correct problems with the data. The ONS is in the process of fixing problems with a wide range of economic data including unemployment figures as well as the producer prices figures. Last month an official review called for a major restructuring of the organisation's management. Producer price data measure how input costs and selling prices of manufacturing and services companies change. The figures are used in gross domestic product data to adjust for different rates of inflation in different industries, and in some trade data too. The ONS suspended the publication of producer price data in March after finding an error in how 'chain-linking' methods had been coded into its data production systems and said on Thursday that it expected to resume normal publication in October. Thursday's figures represent work so far in correcting the data and show big upward revisions for annual input and output inflation rates for factories in 2023. They were pushed higher by average of 1.0 and 1.1 percentage points, respectively. Whereas the uncorrected data suggested that Britain flirted with deflation for factory output prices in the second half of 2023, the new series show prices rising at an annual rate of around 1%. The most recent previously published annual rate of producer output price inflation, for January 2025, was revised up to 0.6% from 0.3% and the ONS estimated that April's reading on the corrected methodology was 0.5%. "Further corrections are mostly expected to be small in magnitude," the ONS said. Annual factory input and output inflation rates peaked in 2022 at slightly higher levels than previously thought when Britain was hit by an energy price shock caused by Russia's full-scale invasion of Ukraine. Revisions to producer input price inflation showed a similar pattern to those for output price inflation. The new data show annual input price inflation stood at 0.6% in January 2025, compared with a previous estimate of -0.1%. April 2025 figures showed a 1.1% annual fall in manufacturers' input costs. The new series for the services sector producer prices showed a more nuanced picture. The ONS had overestimated services output price inflation during 2022, but underestimated it through 2023 and some of 2024. (Editing by David Milliken)
Reuters
23-05-2025
- Business
- Reuters
UK removes official accreditation from past producer price data
LONDON, May 23 (Reuters) - Britain's statistics authorities have temporarily removed official status on Friday from producer price data published from November 2020 onwards, following the discovery of calculation errors. Britain's Office for National Statistics suspended the publication of new producer price data in March after finding an error in how 'chain-linking' methods had been coded into its data production systems. The Office for Statistics Regulation said on Friday it had agreed to a request from the ONS to remove the "accredited official status" from the older data, pending potential revisions. The changes affect the producer price indices including the export price index, import price index and services producer price indices. Measures of consumer price inflation are unaffected.
