The Producer Price Inflation (PPI) for October 2020, saw a decrease compared to the same period last month.

The PPI decreased by 1.3 percentage points, recording 8.4 percent, compared to the 9.7 percent recorded within the same time in September 2020.

This means the year-on-year PPI, thus between October 2019 and October 2020, increased by 8.4 percent.

The month-on-month change in the PPI between September and October 2020, was also pegged at 0.3 percent.

Meanwhile, the mining and quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 35.3 percent, followed by the manufacturing sub-sector with 5.1 percent. The utility sub-sector recorded the lowest year-on-year producer inflation rate of 0.4 percent.

For the monthly changes, the mining and quarrying sub-sector recorded the highest inflation rate of 1.7 percent, followed by manufacturing sub-sectors with 0.1 percent.

The utility sub-sector recorded no monthly inflation rate in October 2020.

Previous trends
The Producer Price Index measures the average change over time in the prices received by domestic producers for the production of their goods and services.

In September 2019, the producer price inflation rate for all industry was 9.1 percent. The rate declined to 8.9 percent in October 2019.

The rate increased consistently to 14.5 percent in January 2020 but declined to 6.8 percent in March 2020.

After that, 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 record 9.7 percent in September 2020.

Source: Citibusinessnews.com