Home Business Producer Price Inflation For January 2021 Is 10.1 Percent | Economy

Producer Price Inflation For January 2021 Is 10.1 Percent | Economy

The year-on-year Producer Price Inflation (PPI) rate for June 2021, fell to 10.1 percent compared to 11.8 percent recorded in May.

The rate represents a 1.7 percentage point decrease in producer inflation relative to the rate recorded in May 2021.

Professor Samuel Anim, the Government Statistician, who announced this on Wednesday in Accra, said the month-on-month change in producer price index between May 2021 and June 2021 was 1.1 percent.

He said the producer price inflation in the Mining and Quarrying sub-sector decreased by 3.2 percentage points over the May 2021 rate of 12.7 percent to record 9.5 percent in June 2021.

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The producer inflation for the Manufacturing sub-sector, which constituted more than two-thirds of the total industry, decreased by 1.8 percentage points, to a record 12.8 percent.

The utility sub-sector recorded no inflation rate for June 2021.

Prof Anim said in June 2021, five out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 12.8 percent.

The manufacture of motor vehicles, trailers, and semi-trailers recorded the highest inflation rate of 28.4 percent, while the manufacture of electrical machinery and apparatus recorded the least inflation rate of 0.0 percent.

On the petroleum price index, he said, the producer inflation rate in the petroleum sub-sector was -4.5 percent in June 2020.

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The rate fluctuated between July 2020 (-4.0%) and November 2020 (-5.0%), but subsequently, the rate increased continuously to peak at 31.0 percent in March 2021 but declined to 23.9 percent in June 2021.

Touching on the trends, he said in June 2020, the producer price inflation rate for all industries was 9.5 percent, the rate decreased to 9.0 percent in August 2020 and increased to 9.7 percent in September 2020 but declined consistently to record 7.0 percent in December 2020.

In March 2021, the rate increased to 13.0 percent, however, in April 2021, it declined to 10.9 percent, rose to 11.8 per cent in May, but decreased to 10.1 percent in June 2021.

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PPI measures the average change over time in the prices received by domestic producers for the production of goods and services.

Source: GNA



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