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The average price of goods and services received by domestic producers in the country for their production activities, in the month of March went up by 13 percent, compared with the prices received by the producers in March last year.

This rate represents a 2.7 percentage point increase in producer inflation relative to the rate recorded last month which was 10.3 percent.

The increase in prices which brings the producer price inflation rate for March 2021 to 13 percent, is the highest in the past 12 months.

This increase is a result of an increase in the inflation rate in the manufacturing sub-sector.

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The mining and quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 22.7 percent, followed by the manufacturing sub-sector with 14.0 percent.

The utility sub-sector recorded the lowest year-on-year producer inflation rate of 0.4 percent.

However, on monthly basis, the manufacturing sub-sector recorded the highest inflation rate of 0.7 percent, followed by utility sub-sectors with 0.0 percent.

PPI trends

In March 2020, the producer price inflation rate for all industry was 6.8 percent.

The rate increased continuously to record 9.5 percent in June 2020 but declined to 9.0 percent in August 2020.

The rate increased to 9.7 percent in September 2020 but declined consistently to record 7.0 percent in December 2020.

In January 2021, the rate increased to 8.7 percent and then to 13.0 percent in March 2021.

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