Business

Producer Price Inflation rate for July 8.4%

The Producer Price Inflation (PPI) rate for July 2021 was 8.4 per cent, the Ghana Statistical Service has said.

This rate indicates that between July 2020 and July 2021 (year-on-year), the PPI increased by 8.4 per cent.

This rate represents a 1.7 percentage point decrease in producer inflation relative to the rate recorded in June 2021 (10.1%). The month-on-month change in producer price index between June 2021 and July 2021 was 0.1 per cent.

The producer price inflation in the Mining and Quarrying sub-sector decreased by 7.3 percentage points over the June 2021 rate of 9.5 per cent to record 2.2 per cent in July 2021.

The producer inflation for the manufacturing sub-sector, which constitutes more than two-thirds of the total industry, decreased by 0.8 percentage points to a record 12.0 per cent.

The utility sub-sector recorded 0.1 per cent inflation rate for July 2021.

In July 2020, the producer price inflation rate for all industry was 9.3 per cent.

The rate decreased to 9.0 per cent in August 2020.

It increased to 9.7 per cent in September 2020 but declined consistently to a record 7.0 per cent in December 2020.

In March 2021, the rate increased to 13.0 per cent.

However, in April 2021, it declined to 10.9 per cent.

In May 2021, the rate rose to 11.8 per cent but decreased to 8.4 per cent in July 2021.

Manufacturing Sector

In July 2021, four out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 12.0 per cent.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 25.2 per cent, while the manufacture of electrical machinery and apparatus n.e.c. recorded the least inflation rate of 0.0 per cent.

Petroleum Price Index

The producer inflation rate in the petroleum sub-sector was -4.0 per cent in July 2020. The rate fluctuated between August 2020 (-5.4%) and November 2020 (-5.0%).

Subsequently, the rate increased continuously to pick at 31.0 per cent in March 2021 but declined to 23.9 per cent in June 2021.

The rate increased to a record 25.2 per cent in July 2021.

Source: Classfmonline.com

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