Cyprus’ Producer Price Index in Industry reached 121.5 units in March, with 2021 acting as the base year, set at 100 units, marking an annual decrease of 3.9 per cent, marking the ninth consecutive annual decrease.

According to data released by the Statistical Service, there was also a decrease of 0.7 per cent compared to February 2024.

For the period January-March 2024, the index decreased by 3.3 per cent compared to the corresponding period in 2023.

Regarding annual changes, there was an increase in the mining and quarrying sectors (1.2 per cent) and a decrease in the electricity supply sector by 15.2 per cent, water supply and material recovery by 8.5 per cent, and manufacturing by 0.4 per cent.

What is more, in March 2024, compared to the previous year, the manufacturing sector saw increases in furniture construction, other manufacturing activities, and repair and installation of machinery and equipment (3.4 per cent), as well as in the production of petroleum refining products, chemicals, and pharmaceuticals (2.6 per cent), among others.

Other sectors which experienced growth include the manufacturing of electronic and optical products, electrical equipment (2.3 per cent), textile materials, clothing, and leather goods (1.3 per cent), and the food and beverage industry (0.7 per cent).

On the other hand, decreases were noted in the production of basic metals and the manufacture of metal products by 7.9 per cent, paper and paper products manufacturing and printing by 2.8 per cent, and the manufacture of rubber and plastic products by 2.5 per cent.