The Producer Price Inflation (PPI) for February 2015 decreased to 21.8 per cent compared to a revised rate of 23.6 per cent recorded in January 2015.
The margin between the two rates was 1.8 percentage points.
Subsequently, the month-on-month change in the PPI was 1.4 per cent compared to the January rate of -1.4 per cent.
Producer inflation, which is measured by the Producer Price Index (PPI), looks at the average change over time in the prices received by domestic producers for the production of their goods and services.
Speaking at a news conference in Accra, the Government Statistician, Dr Philomena Nyarko, attributed the decrease of the rate to the decline in the manufacturing and quarrying sub-sectors.
In February 2015, the producer price inflation in the mining and quarrying sub-sectors decreased by 7.1 percentage points over the January 2015 rate of 36.4 per cent to record 29.3 per cent.
Manufacturing, which constitutes more than two-thirds of total industry, also decreased by 1.0 percentage point to record 21.6 per cent.
However, the utilities sub-sector recorded an inflation rate of 15.7 per cent in February 2015, showing a 0.1 percentage point decrease over the January 2015 rate of 15.8 per cent.
Dr Nyarko stated that the year-on-year inflation in ex-factory prices of goods and services was 21.8 per cent for February 2015.
From February 2014, producer price inflation began an upward trend and increased consistently over six months to record 48.6 per cent in August 2014.
However, the rate has consistently declined since then to record 21.8 percent in February 2015.
Petroleum price index
The inflation rate in the petroleum sub-sector was 56.1 per cent in February 2014, but declined to 44.7 per cent in March.
The rate started rising in April 2014 to record 48.2 per cent in May 2014. It however, fluctuated until November, 2014 to record 61.1 per cent.
Since then, the rate has consistently declined to record -0.4 per cent in February 2015 as a result of base drift effect and decreased in prices of petroleum products.