Cyprus industrial producer prices index rose in July

Cyprus’ Industrial Producer Prices Index (PPI) experienced a 0.9 per cent increase in July 2024 compared to the previous month, reaching 124.2 points, according to a report from the Cyprus Statistical Service (Cystat).

However, on a year-on-year basis, the index saw a slight decline of 0.3 per cent when compared to July 2023. For the period from January to July 2024, the PPI registered a decrease of 2.5 per cent compared to the same period in 2023.

The index in the mining and quarrying sector remained stable compared to June 2024, while the electricity supply sector’s index saw an increase of 3.7 per cent.

Similarly, the water supply and materials recovery sector saw a rise of 0.3 per cent, and manufacturing recorded a slight uptick of 0.2 per cent.

Notably, the manufacturing and water supply and materials recovery sectors remained stable year-on-year, while the mining and quarrying sector observed a 1 per cent increase.

Conversely, the electricity supply sector experienced a decline of 1.8 per cent over the same period.

Delving deeper into the manufacturing sector, the production of electronic and optical products, as well as electrical equipment, saw a significant increase of 6.3 per cent year-on-year in July 2024.

Similarly, furniture manufacturing, other manufacturing, and the repair and installation of machinery and equipment all rose by 3.6 per cent.

Furthermore, the production of refined petroleum products, chemicals, and pharmaceuticals grew by 2.7 per cent, and the textiles, clothing, and leather goods sector saw a 1.4 per cent increase.

In contrast, the production of basic metals and fabricated metal products dropped by 3.8 per cent, while the manufacture of paper and paper products, as well as printing, fell by 2.6 per cent.

Finally, the manufacture of rubber and plastic products decreased by 2.3 per cent.