In July 2021, Producer Price Inflation Decreases to 8.4%.

Business

In July 2021, the year-over-year Producer Price Inflation (PPI) rate was 8.4 percent, down from 10.1 percent in June.

In comparison to June 2021, the rate reflects a 1.7 percentage point drop in producer inflation.

Professor Samuel Annim, the Government Statistician, who made the announcement on Wednesday in Accra, said the producer price index changed by 0.1 percent from June to July 2021.

According to him, producer price inflation in the Mining and Quarrying sub-sector fell by 7.3 percentage points in July 2021, from 9.5 percent in June.

The Manufacturing sub-sector, which accounted for more than two-thirds of the entire industry, had producer inflation fall by 0.8 percentage points to 12.0%.

In July 2021, the utility sub-sector had 0.1 percent inflation.

According to Prof Annim, four of the 16 key groupings in the manufacturing sub-sector had inflation rates greater than the sector average of 12.0% in July 2021.

The greatest inflation rate of 25.2 percent was reported in the manufacturing of coke, refined petroleum products, and nuclear fuel, while the lowest inflation rate of 0.0 percent was recorded in the manufacture of electrical gear and apparatus.

In July 2020, the producer inflation rate in the petroleum sub-sector was -4.5 percent, according to the petroleum price index, he added.

In terms of trends, he stated that the producer price inflation rate for all sectors was 9.3 percent in July 2020, fell to 9.0 percent in August 2020, climbed to 9.7 percent in September 2020, and then steadily declined to a record 7.0 percent in December 2020.

The rate grew to 13.0 percent in March 2021, but then fell to 10.9 percent in April, rebounded to 11.8 percent in May, and then fell to 8.4 percent in July 2021.

The Producer Price Index (PPI) tracks the average change in prices received by domestic producers for the production of goods and services over time.