Tuesday, 28 May

Producer price inflation rate for March is 16.5%

Business
Inflation chart

The producer price inflation rate in March 2024 is 16.5% 

This rate indicates that between March 2023 and March 2024 (year-on-year), the PPI increased by 16.5 per cent, representing a 4.4 percentage point increase in producer inflation relative to the rate recorded in February 2024 (12.1%). 

The month-on-month change in the PPI between February 2024 and March 2024 was 4.3 per cent.

The PPI measures the average change over time in the prices received by domestic producers to produce their goods and services.

The producer price inflation in the industry sector, excluding the construction sector, increased to 20.7 per cent in March 2024 from 11.8 per cent in February 2024. 

The rate in the construction sector increased to 56.5 per cent in March 2024. 

In the services sector, the rate decreased from 13.6 per cent in February 2024 to 7.6 per cent in March 2024. 

The Construction (56.5%), Electricity and Gas (27.0%), Mining and Quarrying (26.7%), and Accommodation and Food Services Activities (20.9%) recorded inflation rates above the national average (16.5%), while Information and Communication activity recorded the lowest rate of 6.2 per cent in March 2024.

Source: classfmonline.com