Cyprus industrial producer price index drops on August 2024

Cyprus’ industrial producer prices index (PPI) for August 2024 reached 124.1 points (base 2021=100), marking a slight decrease of 0.1 per cent compared to July 2024, according to a report by the Cyprus Statistical Service (Cystat).

On a year-on-year basis, the index saw a 0.4 per cent drop when compared to August 2023. For the period January to August 2024, the PPI decreased by 2.2 per cent compared to the same period in 2023.

The mining and quarrying, as well as the manufacturing sectors, remained stable month-on-month, while the electricity supply sector recorded a marginal increase of 0.1 per cent.

However, the water supply and materials recovery sector experienced a significant decline of 2.2 per cent.

Compared to August 2023, the manufacturing sector remained stable.

The mining and quarrying sector saw a 1 per cent rise, while the electricity supply and water supply and materials recovery sectors dropped by 1.8 per cent and 1.4 per cent, respectively.

In the manufacturing sector, notable increases were recorded in the production of electronic and optical products, as well as electrical equipment, which rose by 6.3 per cent year-on-year.

 Furniture manufacturing, along with other manufacturing and the repair and installation of machinery and equipment, saw a rise of 3.6 per cent, and the textiles, clothing, and leather goods sector increased by 1.4 per cent.

Conversely, the production of basic metals and fabricated metal products fell by 3.5 per cent, while the manufacture of paper and paper products and printing recorded a 2.9 per cent decrease.

Finally, the rubber and plastic products sector also saw a slight drop of 0.6 per cent.