The Cyprus Statistical Service has released new data regarding the change in the Industrial Producer Price Index in Cyprus.
According to the fresh report of the authority, the Index reached 122.5 points in January 2023 (2015 base = 100), decreasing by 1.3% compared to December 2023 and by 2.9% year-on-year.
Interestingly, the Index remained stable in the manufacturing sector in January 2024 compared to December 2023. At the same time, it rose in the mining sector by 0.2%. The electricity, water supply and recycled materials sectors declined by 5.9% and 1.7%, respectively.
Compared to January 2023, the Index increased in the mining (+0.6%) and manufacturing (+0.2%) sectors. But decreased in the Electricity Supply sector (-13.3%) and the Water Supply and Materials Utilization sector (-4.3). The manufacturing sector declined 0.2%.
By manufacturing sector, in January 20234, compared to the corresponding month of the previous year, growth was recorded in the furniture manufacturing, repair and installation of machinery and equipment (+4.9%), petroleum products, chemicals, and pharmaceuticals (+2.9%), electronic and optical products and electrical equipment (+2.1%), textiles, clothing and leather goods (+1.8%), and food and beverages (+1.5%) sectors.
Decrease was recorded in the production of basic metals and metal products (-7.8%), production of paper, paper products and printing products (-3.6%), production of rubber and plastic products (-1.9%).