Annual Change +18.1%
The Producer Price Index for Industry for February 2023 reached 138.6 points (base 2015=100), an increase of 0.2% compared to January 2023. In terms of the change compared to the same month last year, there was an increase of 18.1%. For the January-February 2023 period, the index recorded an increase of 18.4% compared to the same period in 2022.
In February 2023 compared to January 2023, the index remained stable in the mining and quarrying and electricity supply sectors, while it increased in the water supply and materials recovery sectors by 0.4% and in manufacturing by 0.2%.
In February 2023 compared to January 2023, the index remained stable in the mining and quarrying and electricity supply sectors, while it increased in the water supply and materials recovery sectors by 0.4% and in manufacturing by 0.2%.
In terms of changes compared with the same month of the previous year, there was an increase in electricity supply (44.0%), mining and quarrying (18.2%) and manufacturing (11.7%) and a decrease in water supply and materials recovery of 4.1%.
By manufacturing sector, in February 2023 compared to the same month a year earlier, increases were recorded in all economic activities, with the most significant being in the production of other non-metallic mineral products (22.2%), in the manufacture of paper and paper products and printing (13.9%), the food and beverage industry (13.6%), the wood industry (10.1%), the manufacture of furniture, other manufacturing and repair and installation of machinery and equipment (9.5%) and the manufacture of rubber and plastic products (8.5%). [/TD] [/TR] [TR] [TD]
Jan 2023
[/TD] [TD]Feb 2023
[/TD] [TD]Feb 2023/Jan 2023
[/TD] [TD]Feb 2023/Feb 2022
[/TD] [TD]Jan-Feb 2023/Jan-Feb 2022
[/TD] [/TD] [/TR] [TR] [TD]Mines and Quarries
[/TD] [TD]121,5
[/TD] [TD]121.5
[/TD] [TD]0.0
[/TD] [TD]18.2
[/TD] [TD]18,2
[/TD] [/TR] [TR] [TD]Manufacturing
[/TD] [TD]123.6
[/TD] [TD]123.9
[/TD] [TD]0.2
[/TD] [TD]11,7
[/TD] [TD]12,0
[/TD] [/TD] [/TR] [TR] [TD]Power Supply
[/TD] [TD]197,5
[/TD] [TD]197,5
[/TD] [TD]0,0
[/TD] [TD]44,0
[/TD] [TD]44,0
[/TD] [/TR] [TR] [TD]Water Supply and Materials Recovery
[/TD] [TD]137.2
[/TD] [TD]137.8
[/TD] [TD]0.4
[/TD] [TD]-4.1
[/TD] [TD]-2,4
[/TD] [/TR] [TR] [TD]
General Index
Domestic
Export
[/TD] [TD]138,3
143.5
115.7
[/TD] [TD]138.6
143,9
115.4
[/TD] [TD]0.2
0.3
-0.3
[/TD] [TD]18.1
20.4
6,9
[/TD] [TD]18.4
20.8
7.2
[/TD] [/TR][/TABLE]
Note: Data for January and February 2023 in the sectors of Electricity Supply and Water Supply and Materials Recovery are preliminary.
Table 2
| NACE Code Rev.2 |
Economic Activity
[/TD] [TD]Percentage Change (%)
[/TD] [TD]Percentage Change (%)
[/TD][TR] [TD]
Feb 2023/ Jan 2023
[/TD] [TD]Feb 2023/ Feb 2022
[/TD] [TD]Jan-Feb 2023/ Jan-Feb 2022
[/TD] [/TD] [/TR] [TR] [TD]
C
[/TD] [TD]Manufacturing
[/TD] [TD]0,2
[/TD] [TD]
11,7
[/TD] [TD]12,0
[/TD] [/TR] [TR] [TD]10+11+12
[/TD] [TD]Food, Beverage and Tobacco Products Industry
[/TD] [TD]0,2
[/TD] [TD]13,6
[/TD] [TD]14,0
[/TD] [/TR] [TR] [TD]13+14+15
[/TD] [TD]Manufacture of textiles, wearing apparel and leather goods
[/TD] [TD]0,0
[/TD] [TD]1,2
[/TD] [TD]1,2
[/TD] [/TR] [TR] [TD]16
[/TD] [TD]Manufacture of wood and cork products, except furniture
[/TD] [TD]-0,3
[/TD] [TD]10,1
[/TD] [TD]11,7
[/TD] [/TD] [/TR] [TR] [TD]17+18
[/TD] [TD]Manufacture of paper and paper products and printing
[/TD] [TD]3,3
[/TD] [TD]13,9
[/TD] [TD]12,2
[/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]-0,3
[/TD] [TD]5,0
[/TD] [TD]4,7
[/TD] [/TD] [/TR] [TR] [TD]22
[/TD] [TD]Manufacture of rubber and plastic products
[/TD] [TD]0,0
[/TD] [TD]8,5
[/TD] [TD]8,5
[/TD] [/TD] [/TR] [TR] [TD]23
[/TD] [TD]Manufacture of other non-metallic mineral products
[/TD] [TD]1,0
[/TD] [TD]22,2
[/TD] [TD]21,7
[/TD] [/TD] [/TR] [TR] [TD]24+25
[/TD] [TD]Basic Metals and Fabricated Metal Products
[/TD] [TD]-0,9
[/TD] [TD]6,9
[/TD] [TD]8,4
[/TD] [/TD] [/TR] [TR] [TD]26+27
[/TD] [TD]Manufacture of Electronic and Optical Products and Electrical Equipment
[/TD] [TD]-0,3
[/TD] [TD]7,3
[/TD] [TD]7,7
[/TD] [/TD] [/TR] [TR] [TD]28+29+30
[/TD] [TD]Manufacture of machinery and equipment, Motor Vehicles and Other Transport Equipment
[/TD] [/TD] [TD]-1.6
[/TD] [TD]6.1
[/TD] [TD]7.4
[/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]2.6
[/TD] [TD]9,5
[/TD] [TD]8,6
[/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 selected for the compilation of 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 e-mail. 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. The Index is sent monthly to the Statistical Office of the European Union (Eurostat).
For more information:
Statistical Office Portal, under Industry
CYSTAT-DB (Database)
Predefined Tables (Excel)
The Predefined Tables in Excel format include data up to December 2022. For January 2023 and onwards, the update is done only in the CYSTAT-DB Database.
Contact
Evangelia Menelaou, tel.: 22602165, tel.emenelaou@cystat.mof.gov.cy
Contents of this article including associated images are belongs PIO
Views & opinions expressed are those of the author and/or PIO
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