Industrial output prices down 2.9% in January

The Index of Industrial Output Prices for January 2024 declined by 2.9% compared to the same period in 2023, mainly due to a decline in the electricity supply sector.

While the manufacturing sector remained stable in January 2024 compared to December 2023, the mining and quarrying sector showed a slight increase of 0.2%. However, the sectors of electricity supply and water supply, along with materials recovery, saw a notable decrease, recording declines of 5.9% and 1.7% respectively during the same period.

When compared to the corresponding month of the previous year, the report shows a mixed picture across various sectors. While the mining and quarrying sector and the manufacturing sector saw slight increases of 0.6% and 0.2% respectively, the electricity supply sector recorded a significant decline of 13.3%, and the water supply and materials recovery sector recorded a decrease of 4.3%.

Increases were recorded in the manufacture of furniture, other manufacturing and repair, and installation of machinery and equipment (4.9%), as well as in the manufacture of refined petroleum products, chemicals and chemical products, pharmaceutical products and preparations (2.9%). Similarly, a growth was observed in the manufacture of electronic and optical products and electrical equipment (2.1%), the manufacture of textiles, wearing apparel, and leather products (1.8%), and the manufacture of food products and beverages (1.5%).

The manufacture of basic metals and fabricated metal products decreased by 7.8%, while the manufacture of paper and paper products and printing recorded a decline of 3.6%. Additionally, the manufacture of rubber and plastic products saw a decrease of 1.9%.

(Source: CNA)