Producer Price Inflation for January 2021 is 9.1%

The year-on-year Producer Price Inflation (PPI) rate for January 2021, was up at 9.1 per cent compared to seven percent in December.

The rate represents a 2.1 percentage point increase in producer inflation relative to the rate recorded in December 2020 (7.0 per cent).

Professor Samuel Annim, the Government Statistician, who announced this in a virtual recording, said the month-on-month change in producer price index between December 2020 and January 2021 was 3.5 per cent.

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 per cent.

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 per cent.

The manufacture of motor vehicles, trailers, and semi-trailers recorded the highest inflation rate of 37.7 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.

The annual rate for the manufacture of other non-metallic mineral product was 18.5 per cent for January 2021 as compared to 10.9 percent in December 2020.

Again, the annual manufacturing rate of food products and beverages was 5.4 per cent in January 2021, as compared to 4.8 per cent in December 2020.

Electricity and water supply had 0.3 per cent as its inflation rate in January 2021, as compared to 0.2 per cent in December 2020.

Source: GNA