Producer Price Index in Cyprus falls 1.7 per cent year-on-year

Cyprus’ Producer Price Index in the industrial sector reported a decline of 1.7 per cent, reaching 138.4 units, for the month of October 2023, according to a report by the Cyprus Statistical Service (Cystat) released this week.

It should be noted that 2015 has been designated as the base year, with a value of 100 units, which subsequent years are measured against.

When compared to the previous October, the index showcased an increase in the mining and quarrying sectors by 6.3 per cent and in manufacturing by 2.3 per cent.

Conversely, decreases were observed in the electricity supply sector by 10.2 per cent and in water supply and material recovery by 5 per cent.

In the manufacturing sector for October 2023 compared to the same month in the previous year, increases were recorded in the production of other non-metallic mineral products by 6.6 per cent, furniture manufacturing, other manufacturing activities, repair, and installation of machinery and equipment by 4.8 per cent, petroleum refining, chemical substances and products, pharmaceutical products and preparations by 4.1 per cent, and the food and beverage industry by 3.5 per cent.

Decreases were noted in the production of basic metals and manufacture of metal products (-5.5 per cent), machinery and equipment manufacturing, motor vehicles, and other transport equipment (-0.7 per cent), production of rubber and plastic products (-0.2 per cent), and paper and paper products and printing (-0.1 per cent).

In October 2023, compared to September 2023, the index decreased by 0.1 per cent, remaining stable in the electricity supply sector while witnessing an increase of 1.1 per cent in the mining and quarrying sector.

A decrease of 0.4 per cent and 0.1 per cent was recorded in the water supply and material recovery and manufacturing sectors respectively.

For the period from January to October 2023, the index showcased a 5.7 per cent increase compared to the same period in 2022.