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The Producer Price Index for Industry for February 2024 reached 122.6 points (base 2021=100), an increase of 0.1% compared to January 2024. In terms of the change compared to the same month last year, there was a decrease of 3.0%. For the January-February 2024 period, the index decreased by 2.9% compared to the same period in 2023.
In February 2024 compared to January 2024, the index remained stable in the mining and quarrying sector, while it increased in the water supply and materials recovery sector by 1.2% and in manufacturing by 0.1%. There was a decrease of 0.2% in electricity supply.
In terms of changes compared to the same month of the previous year, there was an increase in mining and quarrying (1.2%) and manufacturing (0.1%) and a decrease in electricity supply by 13.6% and water supply and materials recovery by 3.4%.
In terms of changes compared to the same month of the previous year, there was an increase in mining and quarrying (1.2%) and manufacturing (0.1%) and a decrease in electricity supply by 13.6% and water supply and materials recovery by 3.4%.
By manufacturing sector, in February 2024 compared to the same month last year, increases were recorded in furniture manufacturing, other manufacturing activities and repair and installation of machinery and equipment (3.0%), production of refined petroleum products, chemicals and chemical products, and pharmaceuticals and pharmaceutical preparations (2.8%), in the manufacture of electronic and optical products and electrical equipment (2.4%), in the food and beverage industry (1.7%) and in the manufacture of textiles, wearing apparel and leather goods (1.5%), while there was a decrease in the production of basic metals and fabricated metal products (-7.4%), in the manufacture of paper and paper products and printing (-3.3%) and in the manufacture of rubber and plastic products (-2.1%).
Table 1
| Economic Activity | [TD] Index (2021=100) | Percentage Change (%) |
| Jan. 2024 | Feb 2024 |
[TD]
Feb 2024/ Jan. 2024
[/TD] [TD]Feb
2024/2023
[/TD] [TD]Jan-Feb.
2024/2023
[/TD][TR] [TD]
Mines and Quarries
[/TD] [TD]125.0
[/TD] [TD]125,0
[/TD] [TD]0,0
[/TD] [TD]1,2
[/TD] [TD]1,2
[/TD] [/TD] [/TR] [TR] [TD]Manufacturing
[/TD] [TD]118,2
[/TD] [TD]118.3
[/TD] [TD]0.1
[/TD] [TD]0.1
[/TD] [TD]0.2
[/TD] [/TR] [TR] [TD]Electricity supply
[/TD] [TD]148,1
[/TD] [TD]147.8
[/TD] [TD]-0.2
[/TD] [TD]-13.6
[/TD] [TD]-13,5
[/TD] [/TR] [TR] [TD]Water Supply and Materials Recovery
[/TD] [TD]105.1
[/TD] [TD]106.4
[/TD] [TD]1.2
[/TD] [TD]-3,4
[/TD] [TD]-3.8
[/TD] [/TR] [TR] [TD]
General Index
Domestic
Export
[/TD] [TD]122,5
124.9
110.6
[/TD] [TD]122.6
124.9
110.9
[/TD] [TD]0.1
0.0
0,3
[/TD] [TD]-3.0
-3.5
-0.1
[/TD] [TD]-2.9
-3.4
-0.2
[/TD] [/TD] [/TR]
Note: Data for January and February 2024 in the Electricity Supply and Water Supply and Materials Recovery sectors are preliminary.
Table 2
| NACE Code Rev.2 |
Economic Activity |
[TD]
Percentage Change (%)
[/TD][TR] [TD]
Feb. 2024/ Jan 2024
[/TD] [TD]Feb
2024/2023
[/TD] [TD]Jan-Feb.
2024/2023
[/TD] [/TR] [TR] [TD]C
[/TD] [TD]Manufacturing
[/TD] [TD]0.1
[/TD] [TD]0.1
[/TD] [TD]0,2
[/TD] [/TR] [TR] [TD]10+11+12
[/TD] [TD]Food, Beverage and Tobacco Products Industry
[/TD] [TD]0,2
[/TD] [TD]1,7
[/TD] [TD]1,6
[/TD] [/TR] [TR] [TD]13+14+15
[/TD] [TD]Manufacture of textiles, wearing apparel and leather goods
[/TD] [/TD] [TD]-0,3
[/TD] [TD]1,5
[/TD] [TD]1,7
[/TD] [/TD] [/TR] [TR] [TD]16
[/TD] [TD]Manufacture of wood and articles of wood and cork, except furniture
[/TD] [/TD] [TD]0,0
[/TD] [TD]0,2
[/TD] [TD]0,2
[/TD] [/TR] [TR] [TD]17+18
[/TD] [TD]Manufacture of paper and paper products and printing
[/TD] [TD]0,9
[/TD] [TD]-3,3
[/TD] [TD]-3,5
[/TD] [/TD] [/TR] [TR] [TD]19+20+21
[/TD] [TD]Manufacture of refined petroleum products, Chemical Substances and Products and Pharmaceutical Products and Preparations
[/TD] [/TD] [TD]0,0
[/TD] [TD]2,8
[/TD] [TD]2,8
[/TD] [/TR] [TR] [TD]22
[/TD] [TD]Manufacture of rubber and plastic products
[/TD] [TD]0,1
[/TD] [TD]-2,1
[/TD] [TD]-2,0
[/TD] [/TR] [TR] [TD]23
[/TD] [TD]Production of other non-metallic mineral products
[/TD] [TD]0,0
[/TD] [TD]-0,4
[/TD] [TD]-0,1
[/TD] [/TR] [TR] [TD]24+25
[/TD] [TD]Production of Base Metals and Metal Products
[/TD] [TD]-0.4
[/TD] [TD]-7,4
[/TD] [TD]-7,6
[/TD] [/TD] [/TR] [TR] [TD]26+27
[/TD] [TD]Manufacture of electronic and optical products and electrical equipment
[/TD] [TD]0,0
[/TD] [TD]2,4
[/TD] [TD]2,2
[/TD] [/TD] [/TR] [TR] [TD]28+29+30
[/TD] [TD]Manufacture of machinery and equipment, Motor Vehicles and Other Transport Equipment
[/TD] [/TD] [TD]0,0
[/TD] [TD]1,3
[/TD] [TD]0,9
[/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]0,0
[/TD] [TD]3,0
[/TD] [TD]3,9
[/TD] [/TR]
Methodological Information
Definitions
The Producer Price Index in Industry is a monthly index 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. For electricity supply and water collection, treatment and supply, data are obtained from administrative sources.
Method of Calculation
The Producer Price Index in Manufacturing has a base year of 2021, i.e. it shows the monthly change in prices relative to the monthly average of prices in 2021. 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 in 2021.
To compile the total Producer Price Index in Industry, the weighted average of the individual indices for the various branches of Industry as defined in the statistical classification of economic activities NACE Rev. The coefficients used for the weighting are derived from the total sales of enterprises in the base year (2021) and reflect the turnover of each sub-sector in relation to the total turnover of the Industry sector. The index 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, Base Year Change Update, CYSTAT-DB (Database), Predefined Tables (Excel) or contact Ms. Evangelia Menelaou by phone at or by email at emenelaou@cystat.mof.gov.cy.
Data for the base year 2021=100 are available only in the CYSTAT-DB Database.
Contents of this article including associated images are owned by PIO
Views & opinions expressed are those of the author and/or PIO
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