- General PPI of February 2024 increased by 1.03% when compared with previous month (M-O-M).
- General PPI of February 2024 decreased by 8.60% when compared with February 2023 (Y-O-Y)
- PPI of Crude Petroleum and Natural gas production increased by 0.91%, compared with February 2024.
Planning and Statistics Authority (PSA) has released the new Monthly Producer Price Index (PPI) of the Industrial sector for February 2024 calculated based on 2018, with a relative weight of the main four industry sectors become as follow: “Mining” (weight: 82.46%), “Manufacturing” (weight: 15.85%), “Electricity” (weight: 1.16%), and “Water” (weight: 0.53%).
The PPI for February 2024 is estimated at 114.39 points showing an increase of 1.03%, when compared to the previous month’s January 2024. On [Y-o-Y] basis, PPI of February 2024 showed a decrease of 8.60%, when compared to the PPI of February 2023.
Mining and Quarrying:
The PPI of February 2024 for this sector showed an increase of 0.90% when compared with PPI of January 2024, primarily due to the price increase in “Crude petroleum and natural gas” by 0.91%, while no significant change in “Other mining and quarrying”. PPI of Mining of February 2024, when compared with its counterpart in previous year (February 2023), there was a decrease of 9.18% due to the price decrease on “Crude petroleum and natural gas” by 9.19%, and “Other mining and quarrying” by 0.02%. Graph (2) showed the monthly movement of “Mining an and Quarrying” index from February 2023 to February 2024, and Graph (3) showed the monthly rate of change in General PPI and Mining.
Manufacturing:
An increase of 1.95% has been recorded in February 2024, when compared with the previous month’s Manufacturing index (January 2024). The prices increase is seen in: “Rubber and plastics products” by 9.16%, followed by “Refined petroleum products” by 3.58%, “Basic metals” by 3.30%, “Cement & other non-metallic mineral products” by 2.51%, “Chemicals and chemical products” by 0.90%, “Food products” by 0.71% and “Beverages” by 0.08%. The decreasing prices are noticed in “Printing and reproduction of recorded media” by 0.67%.
Compared with the index of counterpart in the previous year (February 2023), “Manufacturing” PPI of February 2024 showed a decrease of 7.12%. The major groups which explain this price decrease are: “chemicals and chemical products” by 10.45%, followed by “Basic metals” by 4.76%, “Cement & other non-metallic mineral products” by 3.60%, “Refined Petroleum products” by 2.01% and “Printing and reproduction of recorded media” by 0.83%. However, the increasing prices are noticed in “Food products” by 3.79% followed by “Rubber and Plastics products” by 1.32%, and relative stability in “Beverages” by 0.01%. Graph (4) shows the index of “Manufacturing” from February 2023 to February 2024.
Electricity, gas, steam, and air conditioning supply:
The PPI of this group showed an increase of 0.46% compared to January 2024. Compared to the PPI of February 2023 [Y-o-Y], the PPI of February 2024, showed an increase of 9.90%. Graph (5) shows the index of “Electricity, gas, steam and air conditioning supply” from February 2023 to February 2024.
Water supply:
The PPI of this group showed a decrease of 1.49% compared to January 2024. Compared to the PPI of February 2023 [Y-o-Y], the PPI of February 2024, showed an increase of 3.72%. Graph (6) shows the index of “Water supply” from February 2023 to February 2024.
