General PPI of January 2024 decreased by 4.38% when compared with previous month (M-O-M).
General PPI of January 2024 decreased by 12.63% when compared with January 2023 (Y-O-Y).
PPI of Crude Petroleum and Natural gas production decreased by 5.24%, compared with December 2023.
Planning and Statistics Authority (PSA) has released the new Monthly Producer Price Index (PPI) of the Industrial sector for January 2024, which calculated based on 2018 where the details of relative importance and prices for the base year of 2018 are used, Therefor the relatives of the main four industry sectors become as follow: “Mining” (weight: 82.46%), “Manufacturing” (weight: 15.85%), “Electricity” (weight: 1.16%), and “Water” (weight: 0.53%).
The PPI for January 2024 is estimated at 113.22 points showing a decrease of 4.38%, when compared to the previous month’s December 2023. On [Y-o-Y] basis, PPI of January 2024 showed a decrease of 12.63%, when compared to the PPI of January 2023. Graph (1) shows the monthly of PPI and monthly rate of change from January 2023 to January 2024, also table (1) includes the PPI of January 2024 with monthly and yearly comparisons.
Mining and Quarrying:
The PPI of January 2024 for this sector showed a decrease of 5.22% when compared with PPI of December 2023, primarily due to the price decrease in “Crude petroleum and natural gas” by 5.24%, and no change in “Other mining and quarrying”. PPI of Mining of January 2024, when compared with its counterpart in previous year (January 2023), there was a decrease of 13.23%, due to the price decrease on “Crude petroleum and natural gas” by 13.25%, while “Other mining and quarrying” has no significant change. Graph (2) showed the monthly movement of “Mining an and Quarrying” index from January 2023 to January 2024, and Graph (3) showed the monthly rate of change in General PPI and Mining.
Manufacturing:
A decrease of 0.18% has been recorded in January 2024, when compared with the previous month’s Manufacturing index (December 2023). The prices decrease is seen in: “Rubber and plastics products” by 12.54%, followed by “Refined petroleum products” by 3.13%, “Beverages” by 2.54%, “Food products” by 0.25% and “Chemicals and chemical products” by 0.12%. The increasing prices are noticed in “Basic metals” by 5.47% followed by “Cement & other non-metallic mineral products” by 3.96%. There is no significant change in “Printing and reproduction of recorded media”.
Compared with the index of counterpart in the previous year (January 2023), “Manufacturing” PPI of January 2024 showed a decrease of 11.84%. The major groups which explain this price decrease are: “chemicals and chemical products” by 13.91%, followed by “Basic metals” by 12.73%, “Refined Petroleum products” by 10.38%, “Rubber and Plastics products” by 9.26%, “Cement & other non-metallic mineral products” by 5.55%, and “Printing and reproduction of recorded media” by 0.16%. However, the increasing prices are noticed in “Food products” by 3.20% followed by “Beverages” by 0.27%. Graph (4) shows the index of “Manufacturing” from January 2023 to January 2024.
Electricity, gas, steam, and air conditioning supply:
The PPI of this group showed an increase of 3.49% compared to December 2023. Compared to the PPI of January 2023 [Y-o-Y], the PPI of January 2024, showed an increase of 13.45%. Graph (5) shows the index of “Electricity, gas, steam and air conditioning supply” from January 2023 to January 2024.
Water supply:
The PPI of this group showed an increase of 0.29% compared to December 2023. Compared to the PPI of January 2023 [Y-o-Y], the PPI of January 2024, showed an increase of 12.94%. Graph (6) shows the index of “Water supply” from January 2023 to January 2024.
