Cyprus industrial producer prices fall in February

Producer prices in Cyprus’ industrial sector experienced a new decline in February, with the decrease mainly driven by the electricity production sector, according to a report by the Cyprus Statistical Service (Cystat).

Specifically, the Producer Price Index in Industry for February 2024 marks a marginal increase of 0.1 per cent compared to January 2024.

On an annual basis, that is in February 2023, a decrease of 3.0 per cent is recorded. Furthermore, for the period January-February 2024, the index recorded a decrease of 2.9 per cent compared to the corresponding period of 2023. It is noteworthy to recall that in January, the index recorded a decrease of 2.9 per cent on an annual basis.

According to Cystat, on an annual basis, there is an increase in the sectors of mining and quarries (1.2 per cent) and manufacturing (0.1 per cent). Meanwhile, a significant decrease is recorded in the sectors of electricity supply of 13.6 per cent and the supply of water and material recovery by 3.4 per cent.

In February 2024 compared to the corresponding month of the previous year, increases were recorded in the manufacturing sector.

These increases were observed in various industries, including furniture, other manufacturing activities, repair and installation of machinery and equipment (3.0 per cent); production of refined petroleum products, chemicals and chemical products, pharmaceutical products and preparations (2.8 per cent); manufacture of electronic and optical products and electrical equipment (2.4 per cent); food and beverage industry (1.7 per cent); and production of textiles, clothing, and leather goods (1.5 per cent).

Conversely, a decrease was recorded in the production of basic metals and the manufacture of metal products (-7.4 per cent), in the manufacture of paper and paper products and prints (-3.3 per cent), and in the manufacture of rubber and plastic products (-2.1 per cent).

Compared to January 2024, the index remained stable in the mining and quarrying sector. However, there was an increase in water supply and materials recovery by 1.2 per cent and manufacturing by 0.1 per cent. In the electricity supply sector, there was a decrease of 0.2 per cent.