The Producer Price Inflation (PPI) rate for January 2021 was 9.1 percent, the Ghana Statistical Service (GSS), has said.
This rate, according to the GSS, indicates that between January 2020 and January 2021 (year-on-year), the PPI increased by 9.1 percent.
This rate represents a 2.1 percentage point increase in producer inflation relative to the rate recorded in December 2020 (7.0%). The month-on-month change in producer price index between December 2020 and January 2021 was 3.5 percent.
The producer price inflation in the Mining and Quarrying sub-sector decreased by 4.1 percentage points over the December 2020 rate of 31.5 percent to record 27.4 percent in January 2021.
The producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 3.7 percentage points to record 7.5 percent. The utility sub-sector recorded no change in the inflation rate in January 2021.
In January 2021, three out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 7.5 percent. Manufacture of motor vehicles, trailers, and semi-trailers recorded the highest inflation rate of 37.7 percent, while the Manufacture of electrical machinery and apparatus and Manufacture of machinery and equipment recorded the least inflation rate of 0.0 percent
The 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 industry and three major sub-sectors of industry (Mining and Quarrying, Manufacturing and Utilities) for the last twelve months.
The figures for the month of January 2021 are provisional, and are subject to revision when additional data become available. All other indicators are final.
By Laud Nartey|3news.com|Ghana