Cyprus’ Industrial Producer Prices Index (PPI) decreased by 2.4 per cent year-on-year in June 2024, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat).
The index, which stood at 122.4 points, with 2021 acting as the base year set at 100 points, saw a decline of 0.1 per cent from May 2024.
Over the period from January to June 2024, the index fell by 3.1 per cent compared to the corresponding period in 2023.
In June 2024, the electricity supply sector’s index remained stable at 146.0 points, while the water supply and materials recovery sector recorded a slight increase of 0.1 per cent to 110.5 points.
Conversely, both the manufacturing sector and the mining and quarrying sector experienced a decrease of 0.1 per cent, with the indices standing at 118.2 and 125.0 points, respectively.
Comparing June 2024 to the same month of the previous year, the mining and quarrying sector saw a rise of 1.0 per cent.
In contrast, the electricity supply sector suffered a significant drop of 10.3 per cent, the water supply and materials recovery sector declined by 1.3 per cent, and manufacturing decreased by 0.3 per cent.
Furniture manufacturing, other manufacturing, and the repair and installation of machinery and equipment all rose by 4.0 per cent.
The production of refined petroleum products, chemicals, chemical products, and pharmaceutical preparations saw a rise of 2.6 per cent.
Similarly, the manufacturing of electronic and optical products and electrical equipment increased by 2.4 per cent, while the production of textiles, clothing, and leather goods went up by 1.4 per cent.
However, some sub-sectors faced significant declines. The production of basic metals and fabricated metal products plummeted by 5.5 per cent.
Finally, the manufacture of rubber and plastic products fell by 2.3 per cent, and the manufacture of paper and paper products, along with printing, decreased by 2.0 per cent.
