Prof Samuel Annim
THE YEAR-on-year producer inflation for all industry was 7.0 per cent in December 2020; the monthly change rate was 0.6 per cent.
This rate represents a 1.1 percentage point decrease in producer inflation relative to the rate recorded in November 2020 (8.1%). The month-on-month change in producer price index between November 2020 and December 2020 was 0.6 per cent.
Government Statistician Prof Samuel Annim, who released this, said the producer price inflation (PPI) in the Mining and Quarrying sub-sector decreased by 2.5 percentage points over the November 2020 rate of 34.0 per cent to record 31.5 per cent in December 2020.
He said the producer inflation for Manufacturing, which constitutes more than two-thirds of the total industry, decreased by 1.0 percentage points to record 3.8 per cent. The utility sub-sector decreased marginally by 0.1 percentage points over the November 2020 rate of 0.3 per cent to record 0.2 per cent.
In December 2019, the PPI rate for all industry was 13.0 per cent. The rate increased to 14.5 per cent in January 2020 but declined to 6.8 per cent in March 2020. After that, the rate increased continuously to record 9.5 per cent in June 2020 but declined to 9.0 per cent in August 2020. The rate increased to record 9.7 per cent in September 2020 but declined continuously to record 7.0 per cent in December 2020.
Manufacturing Sector
During December 2020, nine out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 3.8 per cent. Manufacture of motor vehicles, trailers and semi-trailers recorded the highest inflation rate of 34.5 per cent, while the manufacture of coke, refined petroleum products and nuclear fuel recorded the least inflation rate of -4.0 per cent.
Petroleum Price Index
The producer inflation rate in the petroleum sub- sector was 8.2 per cent in December 2019. The rate increased to record 20.6 per cent in January 2020 but declined consistently to record -15.4 per cent in May 2020. However, the rate increased continuously to record -0.3 per cent in September 2020 and declined to record -5.0 per cent in November 2020. The rate increased to record -4.0 per cent in December 2020.
BY Samuel Boadi