Business

April producer price inflation rate 11.1%

The Producer Price Inflation (PPI) rate for April 2021 was 11.1 per cent, the Ghana Statistical Service has announced.

This rate indicates that between April 2020 and April 2021 (year-on-year), the PPI increased by 11.1 per cent.

This rate represents a 1.9 percentage point decrease in producer inflation relative to the rate recorded in March 2021 (13.0%).

The month-on-month change in the producer price index between March 2021 and April 2021 was -0.1 per cent.

The producer price inflation in the Mining and Quarrying sub-sector decreased by 10.8 percentage points over the March 2021 rate of 22.7 percent to record 11.9 per cent in April 2021.

The producer inflation for the Manufacturing subsector, which constitutes more than two-thirds of the total industry, decreased by 0.4 percentage points to record 13.7 percent.

The utility sub-sector recorded an inflation rate of 0.2 percent for April 2021 indicating a marginal decrease of 0.1 percentage point over the March rate of 0.3 per cent.

Trends

In April 2020, the producer price inflation rate for all industry was 7.4 per cent. The rate increased to record 9.5 percent in June 2020 but declined to 9.0 percent in August 2020. The rate increased to 9.7 percent in September 2020 but declined consistently to record 7.0 percent in December 2020. In January 2021, the rate increased to 8.7 percent and then to 13.0 percent in March 2021, but declined to record 11.1 percent in April 2021.

Manufacturing Sector

In April 2021, five out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 13.7 percent. Manufacture of motor vehicles, trailers, and semitrailers recorded the highest inflation rate of 37.3 per cent, while the Manufacture of electrical machinery and apparatus and manufacture of machinery and equipment recorded the least inflation rate of 0.0 per cent

Petroleum Price Index

The producer inflation rate in the petroleum sub[1]sector was -15.3 per cent in April 2020. The rate declined to record 15.4 per cent in May 2020. In June 2020, the rate increased to -4.5 per cent but declined to record -5.4 per cent in August 2020. Thereafter, it increased to -0.3 per cent in September and declined to -5.0 per cent in November 2020. Subsequently, the rate increased continuously to a record 31.0 percent in March 2021, but declined to 30.6 percent in April 2021.

Source: classfmonline.com

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