Producer Price Inflation rate for July 2021 decreases by 1.7%

The Producer Price Inflation rate for July 2021 stood at 8.4 percent, representing a 1.7 percentage point decrease in producer inflation relative to the rate recorded in June 2021 (10.1%).

The month-on-month change in producer price index between June 2021 and July 2021 was 0.1 percent.

At the news conference In Accra, The Government Statistician, Professor Samuel Kobina Annim noted that, “in 2021, the rate increased to 13.0 percent. However, in April 2021, it declined to 10.9 percent. In May 2021, the rate rose to 11.8 percent but decreased to 8.4 percent in July 2021”.

In the Manufacturing Sector for the period under review, four out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 12.0 percent.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 25.2 percent, while the Manufacture of electrical machinery and apparatus n.e.c. recorded the least inflation rate of 0.0 percent.

According to him, the producer inflation rate in the petroleum subsector was -4.0 percent in July 2020. The rate fluctuated between August 2020 (-5.4%) and November 2020 (-5.0%). Subsequently, the rate increased continuously to pick at 31.0 percent in March 2021 but declined to 23.9 percent in June 2021.

The rate increased to record 25.2 percent in July 2021.

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 industry and three major sub-sectors of industry (Mining and Quarrying, Manufacturing and Utilities) for the last twelve months.

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

Story filed Edzorna Francis Mensah

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