Producer Price Inflation rate for April 2021 decreases by 1.9%

The Producer Price Inflation (PPI) rate for all industries by end of April 2021 stood at 11.1%, connoting that between April 2020 and April 2021 (year-on-year), the PPI increased by 11.1 percent.

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 producer price index between March 2021 and April 2021 was -0.1 percent

At a news conference on Wednesday 19th May, 2021, Government Statistician, Prof. Samuel Kobina Annim said, 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.

According to him, “manufacture of motor vehicles, trailers, and semi-trailers recorded the highest inflation rate of 37.3 percent, while the manufacture of electrical machinery and apparatus n.e.c. and Manufacture of machinery and equipment n.e.c. recorded the least inflation rate of 0.0 percent”.

In the petroleum sector, the producer inflation rate in this regard was -15.3 percent in April 2020.

“The rate declined to record 15.4 percent in May 2020.

In June 2020, the rate increased to -4.5 percent, but declined to record -5.4 percent in August 2020. Thereafter, it increased to -0.3 percent in September and declined to -5.0 percent 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”, Prof. Samuel Kobina Annim added.

The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services.

The PPI for Ghana reports the producer price indices with reference to September 2006, the base period. This release shows the annual (year-on-year) and monthly producer inflation rates for all industries and three major sub-sectors of industry (Mining and Quarrying, Manufacturing and Utilities) for the last twelve months.

The figures for April 2021 are provisional and are subject to revision when additional data become available. All other indicators are final.

Story filed Edzorna Francis Mensah

Source link


Please enter your comment!
Please enter your name here