Industrial output prices down by 2.5% on a yearly basis in May

The Index of Industrial Output Prices for May 2024 reached 122.4 units (base 2021=100), recording a decrease of 2.5% compared to the corresponding month of the previous year, CySTAT announced, adding that for the period January-May 2024, the index showed a decrease of 3.2% compared to the corresponding period of 2023 and an increase of 0.5% compared to April 2024.

In May 2024, compared to April 2024, according to CySTAT, the index remained stable in the sector of manufacturing, while it showed an increase in the sectors of water supply and materials recovery by 2.5%, electricity supply by 2.2% and mining and quarrying by 0.1%

It is added that compared to the corresponding month of the previous year, an increase was recorded in the sectors of mining and quarrying (1.1%) and a decrease in the sectors of electricity supply by 10.3%, manufacturing by 0.5% and water supply and materials recovery by 0.2%.

By division of economic activity in manufacturing, in May 2024 compared to the corresponding month of the previous year, increases were recorded in the manufacture of furniture, other manufacturing and repair and installation of machinery and equipment (3.9%), the manufacture of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (2.6%), the manufacture of electronic and optical products and electrical equipment (2.3%) and the manufacture of textiles, wearing apparel and leather products (1.0%).

In contrast, a decrease was recorded in the manufacture of basic metals and fabricated metal products (7.3%), the manufacture of paper and paper products and printing (2.6%) and the manufacture of rubber and plastic products (2.3%).

(Source: CNA)