Index of Industrial Output Prices records price drop in September

Industrial output prices recorded a drop in September on a monthly and annual basis.

The Index of Industrial Output Prices for September 2023 reached 137.6 units (base 2015=100), recording a decrease of 0.3% compared to August 2023.

According to data released by CySTAT, compared to the corresponding month of the previous year, the index recorded a decrease of 2.1%, while in the period January-September 2023, the index showed an increase of 6.5% compared to the corresponding period of 2022.

The Industrial Output Prices Index, CySTAT says, is a monthly index and is a combination of the Industrial Output Prices Index for the domestic market and the Industrial Output Prices Index for the non-domestic market.

It is noted that in September 2023 compared to August 2023, the index remained stable in the sector of mining and quarrying, while it showed a rise in the sector of water supply and materials recovery by 0.1%. 

It is added that in the sectors of electricity supply and manufacturing the index recorded a decrease of 0.8% and 0.1% respectively.

As noted, compared to the corresponding month of the previous year, an increase was recorded in the sectors of mining and quarrying (5.4%) and manufacturing (2.7%) and a decrease in the sectors of electricity supply by 12.2% and water supply and materials recovery by 7.5%.

By division of economic activity in manufacturing, in September 2023 compared to the corresponding month of the previous year, increases were recorded in the manufacture of other non-metallic mineral products (7.3%), the manufacture of furniture, other manufacturing and repair and installation of machinery and equipment (5.0%), the manufacture of food products and beverages (4.2%), the manufacture of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (3.9%), the manufacture of electronic and optical products and electrical equipment (2.2%).

At the same time, a decrease was recorded in the manufacture of basic metals and fabricated metal products (-5.5%) and the manufacture of rubber and plastic products (-0.1%).

(Source: CNA)