Industrial output prices decelerate in 2023 as inflation subsides

08:21 - 01 February 2024

Economy Reporter

Industrial Output prices rose by 4.5% in 2023, marking a significant deceleration in price increases in the industry sector, due to declining inflation, CySTAT has revealed.

The Index of Industrial Output amounted to 22.6% last year fueled by rising prices mainly in energy due to the war in Ukraine.

In December, the Index reached 138.5 units (base 2015=100), recording an increase of 0.2% compared to November 2023, whereas compared with December 2022 the index dropped by 0.8%, marking an annual reduction for the sixth consecutive month.

Compared to the corresponding month of the previous year, an increase was recorded in the sectors of mining and quarrying 4.9% and manufacturing with 1.4%, whereas the sectors of electricity supply have declined by 5.6% and water supply and materials recovery by 2.9%.

According to CySTAT, the index can be considered as an early indicator of inflationary pressures in the economy.

(Source: CNA)

Industrial output prices decelerate in 2023 as inflation subsides

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