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Annual Change -0.8%
The Producer Price Index for Industry for December 2023 reached 138.5 points (base 2015=100), an increase of 0.2% compared to November 2023. In terms of the change compared to the same month last year, there was a decrease of 0.8%. For the period January to December 2023, the index recorded an increase of 4.5% compared to the same period in 2022.
In December 2023, compared to November 2023, the index remained stable in the electricity supply sector, while it increased in the manufacturing sector by 0.4%. In the water supply and materials recovery and mining and quarrying sectors, there was a decrease of 1.1% and 0.2% respectively.
In terms of changes compared to the same month last year, there was an increase in mining and quarrying (4.9%) and manufacturing (1.4%) and a decrease in electricity supply by 5.6% and water supply and materials recovery by 2.9%.
In terms of changes compared to the same month last year, there was an increase in mining and quarrying (4.9%) and manufacturing (1.4%) and a decrease in electricity supply by 5.6% and water supply and materials recovery by 2.9%.
By manufacturing sector, in December 2023, compared to the same month of the previous year, increases were recorded in furniture manufacturing, other manufacturing and repair and installation of machinery and equipment (4.6%), production of other non-metallic mineral products (4.5%), production of refined petroleum products, chemicals and chemical products, and pharmaceuticals and pharmaceutical preparations (4.1%), in the manufacture of textiles, wearing apparel and leather goods (2.2%) and in the food and drink industry (2.1%), while there was a decrease in the production of basic metals and fabricated metal products (-5.9%), in the manufacture of paper and paper products and printing (-0.9%), in the manufacture of rubber and plastic products (-0.4%) and in the manufacture of machinery and equipment, motor vehicles and other transport equipment (-0.2%).
| Table 1 |
[TR] [TD]
Economic Activitya
[/TD] [TD]Index (2015=100)
[/TD] [TD]Percentage Change (%)
[/TD] [/TR] [TR] [TD]Nov
2023
[/TD] [TD]Dec
2023
[/TD] [TD] [TD]Dec2023/
Nov 2023
[/TD] [TD]Dec 2023/
Dec 2022
[/TD] [TD]Jan-Dec 2023/
Jan-Dec 2022
[/TD] [/TR] [TR] [TD]Mines and Quarries
[/TD] [TD]123,2
[/TD] [TD]122.9
[/TD] [TD]-0.2
[/TD] [TD]4.9
[/TD] [TD]11,0
[/TD] [/TR] [TR] [TD]Manufacturing
[/TD] [TD]124.3
[/TD] [TD]124.8
[/TD] [TD]0,4
[/TD] [TD]1,4
[/TD] [TD]5,4
[/TD] [/TD] [/TR] [TR] [TD]Power Supply
[/TD] [TD]194,1
[/TD] [TD]194,1
[/TD] [TD]0,0
[/TD] [TD]-5,6
[/TD] [TD]4.1
[/TD] [/TR] [TR] [TD]Water Supply and Materials Recovery
[/TD] [TD]137,0
[/TD] [TD]135.5
[/TD] [TD]-1.1
[/TD] [TD]-2.9
[/TD] [TD]-6,5
[/TD] [/TR] [TR] [TD]
General Index
Domestic
Export
[/TD] [TD]138.2
143.3
116.0
[/TD] [TD]138.5
143,7
115.7
[/TD] [TD]0.2
0.3
-0.3
[/TD] [TD]-0.8
-0,8
-0.3
[/TD] [TD]4.5
4.7
3.3
[/TD] [/TR] [TR] [TD]Note: Data for November and December 2023 in the Electricity Supply and Water Supply and Materials Recovery sectors are preliminary.
[/TD] [/TR]
|
Table 2 |
[/TR] [TR] [TD]
NACE Code
Rev.2
[/TD] [TD]Economic Activity
[/TD] [TD]Percentage Change (%)
[/TD] [/TR] [/TD] [/TR] [TR] [TD]Dec2023/
Nov 2023
[/TD] [TD]Dec 2023/
Dec 2022
[/TD] [TD]Jan-Dec 2023/
Jan-Dec 2022
[/TD] [/TR] [TR] [TD]C
[/TD] [TD]Manufacturing
[/TD] [TD]0,4
[/TD] [/TD] [TD]1,4
[/TD] [TD]
5,4
[/TD] [/TR] [TR] [TD]10+11+12
[/TD] [TD]Food industry, Beverages and Tobacco Products
[/TD] [/TD] [TD]0.9
[/TD] [TD]2.1
[/TD] [TD]7,2
[/TD] [/TR] [TR] [TD]13+14+15
[/TD] [TD]Manufacture of textiles, wearing apparel and leather goods
[/TD] [TD]0,0
[/TD] [TD]2,2
[/TD] [TD]1,9
[/TD] [/TR] [TR] [TD]16
[/TD] [TD]Manufacture of wood and of products of wood and cork, except furniture
[/TD] [TD]0,0
[/TD] [TD]0,2
[/TD] [TD]2,8
[/TD] [/TD] [/TR] [TR] [TD]17+18
[/TD] [TD]Manufacture of paper and paper products and printing
[/TD] [TD]0,0
[/TD] [TD]-0,9
[/TD] [TD]4,7
[/TD] [/TR] [TR] [TD]19+20+21
[/TD] [TD]Production of refined petroleum products, chemical substances and products and pharmaceutical products and preparations
[/TD] [/TD] [TD]0,0
[/TD] [TD]4,1
[/TD] [TD]3,9
[/TD] [/TD] [/TR] [TR] [TD]22
[/TD] [TD]Manufacture of rubber and plastic products
[/TD] [TD]-0,2
[/TD] [TD]-0,4
[/TD] [TD]2,6
[/TD] [/TD] [/TR] [TR] [TD]23
[/TD] [TD]Manufacture of other non-metallic mineral products
[/TD] [TD]0,2
[/TD] [TD]4,5
[/TD] [TD]11,9
[/TD] [/TD] [/TR] [TR] [TD]24+25
[/TD] [TD]Production of Basic Metals and Fabricated Metal Products
[/TD] [/TD] [TD]-0,6
[/TD] [TD]-5.9
[/TD] [TD]-2.4
[/TD] [/TD] [/TR] [TR] [TD]26+27
[/TD] [TD]Manufacture of electronic and optical products and electrical equipment
[/TD] [/TD] [TD]1,1
[/TD] [TD]0,8
[/TD] [TD]3,4
[/TD] [/TD] [/TR] [TR] [TD]28+29+30
[/TD] [TD]Manufacture of machinery and equipment, Motor Vehicles and Other Transport Equipment
[/TD] [/TD] [TD]-0.6
[/TD] [TD]-0.2
[/TD] [TD]2.4
[/TD] [/TR] [TR] [TD]31+32+33
[/TD] [TD]Manufacture of Furniture, Other Manufacturing and Repair and Installation of Machinery and Equipment
[/TD] [/TD] [TD]0.2
[/TD] [TD]4,6
[/TD] [TD]6,2
[/TD] [/TR]
Methodological Information
Definitions
The Producer Price Index in Industry is a monthly indicator and is a composite of the individual Domestic and External Producer Price Indices.
For prices of products sold on the domestic market, selling prices are collected excluding VAT and other duties or taxes on the products.
For prices of products sold on the external market, FOB (free on board) prices are collected and include all charges until the goods are loaded on the means of transport to their export destination.
The prices chosen to compile the index refer mainly to transactions between the enterprises producing and selling the goods selected for pricing and the enterprises buying them, regardless of whether these goods are subsequently used as raw materials for the production of other products or resold.
Purpose of the Index
The monthly Producer Price Index for Industry expresses the evolution of prices in the mining and quarrying, manufacturing, electricity and water supply and materials recovery industries, i.e. Sectors B, C, D and E of the statistical classification of economic activities NACE Rev. 2 of the European Union. The indicator excludes waste water treatment, collection, treatment and disposal of waste and remediation activities, i.e. codes 37, 38.1, 38.2 and 39 of sector E. The indicator may provide an early indication of inflationary pressures in the economy. The overall index is broken down into a domestic market index and an export index.
Data collection
Data collection for the mining and quarrying, manufacturing and materials recovery sectors is carried out by the Statistical Office through telephone interviews and email. Prices are taken after the first Thursday of each month from a sample of enterprises. The Cyprus Electricity Authority provides consumption data in quantity and value, while data is also obtained from the Water Supply Boards and desalination plants.
Method of Calculation
The Producer Price Index in Industry has a base year of 2015, i.e. it shows the monthly change in prices relative to the monthly average of prices in 2015. In the base year, the average of the Producer Price Indices for the twelve months is 100.0. For example, if the Producer Price Index for a month is 112.3 for an activity, this means that prices for that activity increased in that month by 12.3% compared to the monthly average price in 2015.
To compile the total Producer Price Index in Industry, the weighted average of the individual indices for the various sectors of Industry is calculated. The coefficients used in the weighting reflect the sales value of the products of each sub-sector in the base year (2015) in relation to the total sales value of all products of the sector.
The compilation of the Producer Price Index in Industry is done in the framework of the implementation of Regulation (EU) 2019/2152 on European business statistics. It is sent monthly to the Statistical Office of the European Union (Eurostat).
For more information, interested parties can visit the Statistical Office Portal, under Industry, CYSTAT-DB (Database), Predefined Tables (Excel), or contact Ms. Evangelia Menelaou at 22602165 or at emenelaou@cystat.mof.gov.cy.
The Predefined Tables in Excel format include data up to December 2022. For January 2023 and beyond, the update is made only in the CYSTAT-DB Database.
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Views & opinions expressed are those of the author and/or PIO
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