Cyprus’ industrial producer prices decreased by 1.9 per cent in 2024 compared to the previous year, according to the latest data from the state statistical service.

The Producer Price Index (PPI) for December 2024 reached 122.3 points, with 2021 acting as the base year set at 100 points, marking a slight increase of 0.1 per cent compared to November 2024.

When compared to the same month in 2023, the December PPI recorded a decrease of 1.5 per cent.

The report highlighted that the mining and quarrying sector and the electricity supply sector remained stable between November and December 2024.

However, the water supply and materials recovery sector saw a 0.3 per cent increase, while manufacturing grew by 0.1 per cent.

Looking at the year-on-year changes, manufacturing prices increased by 0.9 per cent, and the mining and quarrying sector saw a 0.7 per cent rise.

However, the electricity supply sector experienced a significant decline of 10.5 per cent.

The water supply and materials recovery sector showed no change.

By manufacturing sector, the data showed notable price increases in December 2024 compared to December 2023, with furniture manufacturing, other manufacturing activities, and machinery and equipment repair and installation rising by 4.7 per cent.

The production of electronic and optical products and electrical equipment increased by 4.3 per cent, while paper products and printing rose by 3.5 per cent.

Other sectors, including textile and clothing production, machinery and transport equipment manufacturing, and petroleum and chemical products, all saw increases ranging from 2.0 per cent to 2.8 per cent.

On the downside, the production of rubber and plastic products and the manufacturing of basic metals and fabricated metal products saw a decrease of 0.6 per cent.

Finally, the production of other non-metallic mineral products also fell by 0.1 per cent.