The prices within Cyprus’ industrial sector and manufacturing industry have recorded a new decrease, according to a report released this week by the Cyprus Statistical Service (Cystat).
Specifically, the Producer Price Index (PPI) in industry dropped by 1 per cent year-on-year in September, primarily driven by the electricity supply sector.
The index for September 2024 reached 123.4 units, with 2021 being the base year set at 100 units, marking a 0.4 per cent decrease compared to August 2024.
For the period from January to September 2024, the index recorded a decline of 2.1 per cent compared to the same period in 2023.
In September 2024, compared to August 2024, the index remained stable in the mining and quarrying sector, while it increased in the manufacturing sector by 0.2 per cent.
Decreases were noted in the electricity supply sector, at 2.4 per cent, and in water supply and material recovery, which saw a decline of 0.4 per cent.
In terms of changes compared to the same month last year, there was an increase in the mining and quarrying sectors by 1.0 per cent and in manufacturing by 0.3 per cent.
Conversely, reductions were observed in the electricity supply sector by 5.4 per cent and in water supply and material recovery by 2.3 per cent.
Going by each manufacturing sector, in September 2024, compared to the same month last year, increases were recorded in several areas.
The construction of electronic and optical products and electrical equipment saw an increase of 6.4 per cent.
Furniture manufacturing, other manufacturing activities, and the repair and installation of machinery and equipment rose by 4.2 per cent.
The production of textile raw materials, clothing, and leather goods increased by 3.8 per cent.
Additionally, the manufacture of paper and paper products and printing grew by 0.9 per cent. Lastly, the food and beverage industry experienced an increase of 0.3 per cent.
Decreases were noted in the production of basic metals and the manufacture of metal products (-2.8 per cent), in the manufacture of rubber products and plastics (-1.0 per cent), and in the production of other non-metallic mineral products (-0.5 per cent).
