The Producer Price Index for Industry in Cyprus recorded a decrease of 2.9 per cent in January 2024, mainly due to a decrease in the electricity supply sector.

According to a report released by the Statistical Service of Cyprus this week, the index reached 122.5 points, with 2021 acting as the base year, marking a 1.3 per cent decrease compared to December 2023.

In January 2024, compared to December 2023, the index remained unchanged in the manufacturing sector, while it increased by 0.2 per cent in the mining and quarrying sector.

Conversely, there was a decrease of 5.9 per cent in the electricity supply sector and 1.7 per cent in the water supply and materials recovery sector.

Regarding changes compared to the same month of the previous year, increases were observed in the furniture manufacturing, other processing activities and repair, and installation of machinery and equipment sectors (4.9 per cent), production of petroleum refining products, chemicals, pharmaceutical products, and preparations (2.9 per cent), and manufacturing of electronic and optical products and electrical equipment (2.1 per cent).

Conversely, decreases were recorded in the production of basic metals and manufacture of metal products (-7.8 per cent), paper and paper products manufacturing and printing (-3.6 per cent), and manufacture of rubber and plastic products (-1.9 per cent).