Title: Cyprus Sees Dip in Producer Price Index for Industry in January 2024
In a recent development that has caught the attention of industry analysts, Cyprus has reported a 2.9 percent decrease in its Producer Price Index (PPI) for Industry in January 2024. The decline, primarily attributed to a significant drop in the electricity supply sector, has brought the index down to 122.5 points, using 2021 as the base year.
The Statistical Service of Cyprus provided these insights earlier this week, noting that this figure represents a 1.3 percent fall from December 2023. Despite the overall decrease, the manufacturing sector’s PPI remained stable, showing no change from the previous month. Meanwhile, the mining and quarrying sector experienced a slight uptick of 0.2 percent.
However, not all sectors fared equally. The electricity supply sector saw a substantial decline of 5.9 percent, and the water supply and materials recovery sector also decreased by 1.7 percent. These reductions have contributed significantly to the overall dip in the PPI.
On a more positive note, year-over-year comparisons revealed some sectors with notable increases. The furniture manufacturing, other processing activities, and repair and installation of machinery and equipment sectors saw a healthy rise of 4.9 percent. Additionally, there was growth in the production of petroleum refining products, chemicals, pharmaceutical products, and preparations by 2.9 percent, as well as in the manufacturing of electronic and optical products and electrical equipment by 2.1 percent.
Conversely, certain sectors experienced declines when compared to the same month in the previous year. The production of basic metals and manufacture of metal products sector took a hit with a 7.8 percent decrease. The paper and paper products manufacturing and printing sector saw a 3.6 percent reduction, and the manufacture of rubber and plastic products declined by 1.9 percent.
These mixed results reflect the dynamic nature of industry prices and the varying factors influencing different sectors within Cyprus’s economy. For continued updates on economic indicators such as the Producer Price Index for Industry, interested readers can follow the Cyprus Mail on Google News.
