The Producer Price Index for January 2022 reached 117.3 points (base 2015=100), an increase of 0.4% compared to December 2021. In terms of the change compared to the same month last year, there was an increase of 16.7%.
In January 2022 compared to December 2021, the index increased in water supply and materials recovery by 1.7%, manufacturing by 0.7% and mining and quarrying by 0.3%, while it decreased in electricity supply by 1.0%.
In terms of changes compared to the same month last year, increases have been observed in all sectors, as follows: electricity supply 45.7%, water supply and materials recovery 32.6%, manufacturing 8.9% and mining and quarrying 4.6%.
In the manufacturing sector, in January 2022 compared to the same month of the previous year, increases were recorded in all economic activities, with the most significant increases occurring in the wood industry (28.5%), basic metals and fabricated metal products (24,4%), in the manufacture of rubber and plastic products (15.0%), in the production of other non-metallic mineral products (10.5%) and in the manufacture of machinery and equipment, motor vehicles and other transport equipment (8.4%).
Table 1
| Economic Activity | Index (2015=100) |
[TD] [/TD] [TD]
Percentage Change (%)
[/TD] [/TD][TR] [TD]
Dec
2021
[/TD] [TD]Jan
2022
[/TD] [TD] [/TD] [TD]Jan 2022/
Dec 2021
[/TD] [TD]Jan 2022/
Jan 2021
[/TD] [TD]Jan-Dec 2021/
Jan-Dec 2020
[/TD] [/TR] [TR] [TD]Mines and Quarries
[/TD] [TD]102,5
[/TD] [TD]102.8
[/TD] [TD] [/TD] [TD]0.3
[/TD] [TD]4.6
[/TD] [TD]1,5
[/TD] [/TR] [TR] [TD]Manufacturing
[/TD] [TD]109.3
[/TD] [TD]110.1
[/TD] [TD] [/TD] [TD]0,7
[/TD] [TD]8,9
[/TD] [TD]3,6
[/TD] [/TD] [/TR] [TR] [TD]Power Supply
[/TD] [TD]142,4
[/TD] [TD]141,0
[/TD] [TD] [/TD] [TD]-1,0
[/TD] [TD]45,7
[/TD] [TD]17,8
[/TD] [/TR] [TR] [TD]Water Supply and Materials Recovery
[/TD] [TD]137,9
[/TD] [TD]140.2
[/TD] [TD] [/TD] [TD]1.7
[/TD] [TD]32.6
[/TD] [TD]28,3
[/TD] [/TR] [TR] [TD]
General Index
Domestic
Export
[/TD] [TD]116,8
119.3
105.8
[/TD] [TD]
117.3
119.5
107,6
[/TD] [TD] [/TD] [TD]0.4
0.2
1.7
[/TD] [TD]16.7
18,6
8.5
[/TD] [TD]7.3
7.7
5.3
[/TD] [/TR]
Note: Data for December 2021 and January 2022 in the Water Supply and Materials Recovery Sector and January 2022 in the Electricity Supply Sector are preliminary.
Table 2
| NACE Code Rev.2 | Economic Activity |
[TD]
Percentage Change (%)
[/TD] [/TD][TR] [TD]
Jan 2022/
Dec 2021
[/TD] [TD]Jan 2022/
Jan 2021
[/TD] [TD]Jan-Dec 2021/
Jan-Dec 2020
[/TD] [/TR] [TR] [TD]C
[/TD] [TD]Manufacturing
[/TD] [TD]0,7
[/TD] [TD]8,9
[/TD] [TD]3,6
[/TD] [/TD] [/TR] [TR] [TD]10+11+12
[/TD] [TD]Food, Beverage and Tobacco Products Industry
[/TD] [TD]0,2
[/TD] [TD]6,2
[/TD] [TD]1,8
[/TD] [/TD] [/TR] [TR] [TD]13+14+15
[/TD] [TD]Manufacture of textiles, Clothing and leather goods
[/TD] [/TD] [TD]2,4
[/TD] [TD]5,3
[/TD] [TD]0,8
[/TD] [/TR] [TR] [TD]16
[/TD] [TD]Manufacture of wood and cork products, except furniture
[/TD] [TD]-0,2
[/TD] [TD]28,5
[/TD] [TD]15,9
[/TD] [/TR] [TR] [TD]17+18
[/TD] [TD]Manufacture of Paper and Paper Products and Printing
[/TD] [TD]1,9
[/TD] [TD]5,8
[/TD] [TD]1,8
[/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]0.0
[/TD] [TD]0.8
[/TD] [TD]0,1
[/TD] [/TR] [TR] [TD]22
[/TD] [TD]Manufacture of rubber and plastic products
[/TD] [TD]1,2
[/TD] [TD]15,0
[/TD] [TD]4,4
[/TD] [/TD] [/TR] [TR] [TD]23
[/TD] [TD]Manufacture of other non-metallic mineral products
[/TD] [TD]3,6
[/TD] [TD]10,5
[/TD] [TD]3,1
[/TD] [/TD] [/TR] [TR] [TD]24+25
[/TD] [TD]Production of Basic Metals and Manufacture of Metal Products
[/TD] [/TD] [TD]1,5
[/TD] [TD]24,4
[/TD] [TD]14,5
[/TD] [/TD] [/TR] [TR] [TD]26+27
[/TD] [TD]Manufacture of Electronic and Optical Products and Electrical Equipment
[/TD] [/TD] [TD]0,5
[/TD] [TD]5,2
[/TD] [TD]1,4
[/TD] [/TD] [/TR] [TR] [TD]28+29+30
[/TD] [TD]Manufacture of machinery and equipment, Motor Vehicles and Other Transport Equipment
[/TD] [/TD] [TD]0.4
[/TD] [TD]8.4
[/TD] [TD]2.7
[/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]0.6
[/TD] [TD]6,3
[/TD] [TD]2,1
[/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 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. The Index is sent monthly to the Statistical Office of the European Union (Eurostat).
For more information, interested parties can visit theStatistics Office Portal, under Industry Predefined Tables (Excel) or contact Ms Evangelia Menelaou: tel.: 22602165, tel.emenelaou@cystat.mof.gov.cy
(EC/EXP)
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