Industrial output prices drop by 1.9% in 2024

The Index of Industrial Output Prices showed a 1.9% decrease in 2024 compared to the corresponding period of 2023, according to CySTAT.

It reported that the Index of Industrial Output Prices for December 2024 reached 122.3 units (base 2021=100), recording an increase of 0.1% compared to November 2024. Compared to the corresponding month of the previous year, the index recorded a decrease of 1.5%, it said, adding that, for the period January-December 2024, the index showed a decrease of 1.9% compared to the corresponding period of 2023.

“In December 2024, compared to November 2024, the index remained stable in the sectors of mining and quarrying and electricity supply, while it showed an increase in the sectors of water supply and materials recovery by 0.3% and manufacturing by 0.1%”, CySTAT notes. 

Compared to the corresponding month of the previous year, the Index remained stable in the sector of water supply and materials recovery, while an increase was recorded in the sectors of manufacturing (0.9%) and mining and quarrying (0.7%), it said. A decrease was shown in the electricity supply sector by 10.5%, it added. 

By division of economic activity in manufacturing, in December 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 (4.7%), the manufacture of electronic and optical products and electrical equipment (4.3%), the manufacture of paper and paper products and printing (3.5%), the manufacture of textiles, wearing apparel and leather products (2.8%), the manufacture of machinery and equipment, motor vehicles and other transport equipment (2.6%), and the manufacture of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (2.0%).

A decrease was recorded in the manufacture of rubber and plastic products (-0.6%), the manufacture of basic metals and fabricated metal products (-0.6%), and the manufacture of other non-metallic mineral products (-0.1%), CySTAT said.

(Source: CNA)