Despite the third peak of Covid-19, over a 12-month period PPI faces an upward-sloping trajectory reaching an all-time high of 126.1 points in January 2021 from 125.3 points in December 2020, signaling an economic turnaround largely driven by improved business confidence.
While still modest, at around 3 percent, growth in FY21 is now projected to be higher than previously anticipated due to improved prospects for manufacturing and reflecting in part the monetary and fiscal stimulus provided during Covid, stated MPC.
According to provisional Quantum Index Numbers (QIM) of Large Scale Manufacturing Industries, the LSMI output increased by 5.36pc when compared to December 2020.