Cyprus’ Producer Price Index (PPI) in industry recorded a 3.8 per cent decrease in April 2024 compared to the same month in 2023, primarily due to reductions in the electricity supply sector, according to a report by the Cyprus Statistical Service (Cystat). Over the first four months of the current year, the index has shown a decrease of 3.6 per cent.
According to the Statistical Service, the index reached 121.6 points, with 2021 being the base year set at 100 units, indicating a marginal increase of 0.1 per cent compared to March 2024. In April 2024, compared to March 2024, the index remained stable in the mining and quarrying sector and the electricity supply sector. However, it saw an increase in the water supply and materials recovery sector by 2.3 per cent and in the manufacturing sector by 0.1 per cent.
Sectoral Performance
When compared to the same month in 2023, there was an increase in the mining and quarrying sector (1.1 per cent) and decreases in the electricity supply sector (15.3 per cent), the water supply and materials recovery sector (3.8 per cent), and the manufacturing sector (0.6 per cent).
Breaking it down by manufacturing sub-sectors, April 2024 saw increases compared to April 2023 in several areas:
- Furniture manufacturing, other manufacturing activities, and the repair and installation of machinery and equipment rose by 4.0 per cent.
- The production of refined petroleum products, chemicals and chemical products, and pharmaceuticals increased by 2.6 per cent.
- The manufacturing of electronic and optical products and electrical equipment went up by 2.2 per cent.
- The production of textiles, clothing, and leather goods grew by 1.0 per cent.
Decreases were recorded in:
- The production of basic metals and fabricated metal products (7.8 per cent).
- The manufacturing of paper and paper products and printing (3.6 per cent).
- The manufacturing of rubber and plastic products (2.5 per cent).
While these fluctuations in various sectors of Cyprus’ industry are noteworthy, they also reflect broader trends that could impact related markets, including the insurance market. The insurance industry often closely monitors such indices as they can influence risk assessments and premium calculations.
