Prof. Samuel Annim, Government Statistician
YEAR-ON-year inflation rate in ex-factory prices of goods and services 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 subsector 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.
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 not elsewhere recorded the least inflation rate of 0.0 per cent.
The producer inflation rate in the petroleum subsector 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.
A business desk report