The Cyprus Statistical Service has released new data regarding the change in the Industrial Producer Price Index in Cyprus.
According to the latest report of the agency, in February 2024 the Index reached 122.6 points (2015 base = 100), decreasing by 3% year-on-year.
Interestingly, in February 2024 compared to February 2023, the Index increased in mining (+1.2%) and manufacturing (+0.1%), but decreased in the electricity, water and recycled materials sectors by 13.6% and 3.4%, respectively.
In terms of manufacturing sectors, increases were recorded in furniture manufacturing, repair and installation of machinery and equipment (+3%), petroleum products, chemicals, and pharmaceuticals (+2.8%), electronic and optical products and electrical equipment (+2.4%), textiles, clothing and leather goods (+1.5%), and food and beverages (+1.7%) sectors in February 2024 compared to the corresponding month of the previous year.
Decreases were recorded in production of basic metals and metal products (-7.4%), production of paper, paper products and printing products (-3.3%), and production of rubber and plastic products (-7.4%).
For the period January-February 2024, the index recorded a decrease of 2.9% compared to the corresponding period of 2023.