The average price of goods and services received by domestic producers in the country for their production activities, in the month of February went up by 10.3 percent, when compared with the prices received by the producers in February of last year.
The increase in prices which brings the producer price inflation rate for February 2021, to 10.3 percent, is the highest in the past 12 months.
According to Government Statistician, Professor Samuel Kobina Anim manufacturing of food products and beverages accounted significantly to the increase in producer price inflation for the month of February.
“The increase in the producer price inflation for February by 1.6 percentage point, relative to the rate recorded in January 2021, is largely driven by the manufacture of food products and beverages which went up to 6.9% in February, 2021 compared to 5.4% that was recorded in January 2021. The manufacture of petroleum products also played a role.”
“Across the sub-sectors, we see the Mining and Quarrying sub-sector recording the highest producer price inflation of 24.2%, followed by the Manufacturing sub-sector (9.8%) and the Utility sub-sector (0.4%),” he added.
Further sectorial breakdown
The producer price inflation in the Mining and Quarrying sub-sector decreased by 3.2 percentage points over the January 2021 rate of 27.4 percent to record 24.2 percent in February 2021.
The producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 2.9 percentage points to record 9.8 percent.
The utility sub-sector recorded no change in the inflation rate in January 2021. 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 percent.
Manufacture of motor vehicles, trailers, and semi-trailers recorded the highest inflation rate of 40.6 percent, while the Manufacture of machinery and equipment n.e.c. recorded the least inflation rate of 0.0 percent.
Manufacture of coke, refined petroleum products etc: Annual rate was 13.7 percent for February 2021, as compare to 4.4 percent in January 2021.
Manufacture of other non-metallic mineral product: Annual rate was 19.1 percent for February 2021, as compared to 18.5 percent in Janauary 2021.
Manufacture of food products and beverages: Annual rate was 6.9 percent in February 2021, as compared to 5.4 percent in January 2021.
Electricity and Water Supply: the inflation rate was 0.4 percent in February 2021, as compared to 0.3 percent in January 2021.