Business

August PPI is 8.1%

The Producer Price Inflation rate for August 2021 was 8.1 per cent the Ghana Statistical Service has announced.

This rate indicates that between August 2020 and August 2021 (year-on-year), the PPI increased by 8.1 percent.

This rate represents a 0.3 percentage point decrease in producer inflation relative to the rate recorded in July 2021 (8.4%).

The month-on-month change in producer price index between July 2021 and August 2021 was 0.5 percent.

The producer price inflation in the Mining and Quarrying sub-sector decreased by 5.4 percentage points over the July 2021 rate of 2.2 percent to record -3.2 percent in August 2021.

The producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 0.8 percentage points to record 12.8 percent.

The utility sub-sector recorded 0.2 percent inflation rate for August 2021.

Trends

In August 2020, the producer price inflation rate for all industry was 9.0 percent.

The rate 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, but in April 2021, it declined to 10.9 percent.

In May 2021, the rate rose to 11.8 percent but decreased continuously to 8.1 percent in August 2021.

Manufacturing Sector

In August 2021, four out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 12.8 percent.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 25.3 percent, while the Manufacture of textiles recorded the least inflation rate of 0.3 percent.

Petroleum Price Index

The producer inflation rate in the petroleum subsector was -5.4 percent in August 2020. The rate fluctuated between September 2020 (-0.3%) and December 2020 (-4.0%).

Subsequently, the rate increased continuously to pick at 31.0 percent in March 2021 but declined to 23.9 percent in June 2021. The rate increased to record 25.3 percent in August 2021.

Highlights

The year-on-year producer inflation for all industry was 8.1 percent in August 2021; the monthly change rate was 0.5 percent. The Manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 12.8 percent, followed by the Utility sub-sector with 0.2 percent.

The Mining and Quarrying sub-sector recorded the lowest year-on-year producer deflation rate of -3.2 percent.

The manufacturing sub-sector recorded the highest monthly inflation rate of 0.9 percent, while the utility sub-sector recorded no change in inflation (0%).

The mining and quarrying sub-sectors recorded the least monthly deflation rate of -0.4 percent.

Source: Classfmonline.com

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