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Price Inflation rate ends December 2021 at 12.8%

Economy & Investments Price Inflation rate ends December 2021 at 12.8
JAN 19, 2022 LISTEN

The year-on-year Producer Price Inflation (PPI) rate for December 2021 fell to 12.8 per cent, down from 13.6 per cent in November 2021.

This rate represents a 0.8 percentage point decrease in producer inflation relative to the rate recorded in November 2021.

Professor Samuel Annim, the Government Statistician, who announced this on Wednesday in Accra, said the month-on-month change in PPI between November 2021 and December 2021 was -0.2 per cent.

The Government Statistician said the producer price inflation in the Mining and Quarrying sub-sector decreased by 1.7 percentage points over the November 2021 rate of 1.8 per cent to record 0.1 per cent in December 2021.

The inflation for the Manufacturing sub-sector, which constituted more than two-thirds of the total industry, decreased by 0.8 percentage points to record 19.2 per cent.

The utility sub-sector recorded a 0.2 per cent inflation rate for December 2021.

He said in December 2021, two out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 19.2 per cent.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 56.4 per cent, while the Manufacture of motor vehicles, trailers, and semi-trailers recorded the least inflation rate of -3.5 per cent.

Touching on the trends, Prof Annim said in December 2020, the producer price inflation rate for all industry was 7.0 per cent and that the rate increased continuously to 13.0 per cent in March 2020 but declined to 10.9 per cent in April 2021.

In May 2021, the rate increased to 11.8 per cent but decreased continuously to a record of 8.1 per cent in August 2021. The rate increased continuously to 13.6 per cent in November 2021 but declined slightly to 12.8 per cent in December 2021.

PPI measures the average change over time in the prices received by domestic producers for the production of goods and services.

GNA

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