November 2024 Industrial Output Prices Index records annual 1.6% decrease

The Index of Industrial Output Prices for November 2024 recorded a 1.6% decrease, compared to the corresponding month of the previous year, according to CySTAT.

It notes that the Index of Industrial Output Prices for November 2024 reached 122 units (base 2021=100), recording a decrease of 1.1% compared to October 2024.

“Compared to the corresponding month of the previous year, the index recorded a decrease of 1.6%”, it said, adding that, between January and November 2024, the index showed a decrease of 2% compared to the corresponding period of 2023.

In November 2024, compared to October 2024, the index remained stable in the sector of mining and quarrying, while it showed an increase in the sector of manufacturing by 0.1%, it said. A decrease was recorded in the sectors of electricity supply (-6.1%) and water supply and materials recovery (-0.6%).

Compared to the corresponding month of the previous year, an increase was recorded in the sectors of manufacturing (1%), water supply and materials recovery (0.7%) and mining and quarrying (0.6%) and a decrease in the electricity supply sector by 11.7%. It also said.

By division of economic activity in manufacturing, in November 2024 compared to the corresponding month of the previous year, increases were recorded in the manufacture of electronic and optical products and electrical equipment (6.6%), the manufacture of furniture, other manufacturing and repair and installation of machinery and equipment (5.8%), the manufacture of paper and paper products and printing (3.7%), the manufacture of textiles, wearing apparel and leather products (2.8%), the manufacture of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (2%), the manufacture of machinery and equipment, motor vehicles and other transport equipment (1.8%) and the manufacture of food products, beverages and tobacco products (0.7%).

A decrease was recorded in the manufacture of basic metals and fabricated metal products (-1.7%), the manufacture of rubber and plastic products (-0.9%) and the manufacture of other non-metallic mineral products (-0.2%), it said.

(Source: CNA)