This rate represents a 1.6 percentage point increase in producer inflation relative to the rate recorded in January 2021 (8.7%).
The month-on-month change in the producer price index between January 2021 and February 2021 was -0.1 per cent. It declined to 9.0 per cent in August 2020.
The rate increased to 9.7 per cent in September 2020 but declined consistently to record 7.0 per cent in December 2020.
In January 2021, the rate increased to 8.7 per cent and inched up to a record 10.3 per cent in February 2021.
In February 2021, seven out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 9.8 per cent. Manufacture of motor vehicles, trailers, and semi-trailers recorded the highest inflation rate of 40.6 per cent, while the Manufacture of machinery and equipment n.e.c. recorded the least inflation rate of 0.0 per cent.
However, the producer inflation rate in the petroleum sub-sector was 6.1 per cent in February 2020. The rate declined consistently to record 15.4 per cent in May 2020.
In June 2020, the rate increased to -4.5 per cent but declined to record -5.4 per cent in August 2020. Thereafter, it increased to -3.0 per cent in September and declined to -5.0 per cent in November 2020. The rate increased continuously to a record of 13.7 per cent in February 2021.
The year-on-year producer inflation for all industry was 10.3 per cent in February 2021; the monthly change rate was -0.1 per cent.
The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 24.2 per cent, followed by the Manufacturing sub-sector with 9.8 per cent.
The Utility sub-sector recorded the lowest year-on-year producer inflation rate of 0.4 per cent. The manufacturing sub-sector recorded the highest monthly inflation rate of 0.5 per cent, followed by Utility sub-sectors with 0.0 per cent. The mining and quarrying sub-sector recorded the least inflation rate of -2.7 per cent.
Meanwhile, 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. Read Full Story
Facebook
Twitter
Pinterest
Instagram
Google+
YouTube
LinkedIn
RSS