The Producer Price Inflation rate for May 2021 was 11.8%. This rate indicates that between May 2020 and May 2021 (year-on-year), the PPI increased by 11.8%.
This rate represents a 0.9 percentage point increase in producer inflation relative to the rate recorded in April 2021 (10.9%).
The month-on-month change in producer price index between April 2021 and May 2021 was 2%.
The producer price inflation in the mining and quarrying sub-sector increased by 0.8 percentage points over the April 2021 rate of 11.9% to record 12.7% in May 2021.
The producer inflation for the manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 1.2 percentage points to record 14.6%. The utility sub-sector recorded no inflation rate for May 2021.
Trends
In May 2020, the producer price inflation rate for all industry was 8.4 percent. The rate increased to record 9.5% in June 2020 but declined to 9.0% in August 2020.
The rate increased to 9.7% in September 2020 but declined consistently to record 7.0% in December 2020.
In March 2021, the rate increased to 13.0%, but in April 2021, it fell to 10.9%. In May 2021, the rate rose marginally to 11.8%.
Manufacturing sector
In May 2021, five out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 14.6%.
Manufacture of motor vehicles, trailers, and semitrailers recorded the highest inflation rate of 33.6%, while the manufacture of electrical machinery and apparatus n.e.c. recorded the least inflation rate of 0.0%. Petroleum Price Index The producer inflation rate in the petroleum subsector was -15.4% in May 2020.
The rate fluctuated between June 2020 (-4.5%) and November 2020 (-5.0%). Subsequently, the rate increased continuously to pick at 31.0 percent in March 2021 but declined to 29.4 percent in May 2021.
Highlights
The year-on-year producer inflation for all industry was 11.8% in May 2021; the monthly change rate was 2.0%.
The manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 14.6%, followed by the Mining and Quarrying subsector with 12.7%.
The utility sub-sector recorded the lowest year-on-year producer inflation rate of 0.2 percent. The mining and quarrying sub-sector recorded the highest monthly inflation rate of 4.2 percent, followed by the manufacturing sub-sector (2.0%), with the utility sub-sector (0.0%).
Asaase Radio 99.5 – tune in or log on to broadcasts online
Follow us on Twitter: @asaaseradio995
#AsaaseRadio
#TheVoiceofOurLand
#GreenGhana
#WeLoveOurLand
