1.63% decrease in industrial producer price index for first two months of 2024

AMMAN — The Industrial Producer Price Index for the first two months of 2024 fell by 1.63 per cent, reaching 107.01 points, compared with 108.78 points for the same period in 2023, the Department of Statistics (DoS) announced on Sunday.

The department also said that when comparing the cumulative index for the first two months of 2024 with the corresponding period last year, there was a notable decrease in the prices of transformative industries by 2.04 per cent and extractive industries by 1.30 per cent. However, electricity prices saw an increase of 4.43 per cent, according to the Jordan News Agency, Petra.

The DoS report also highlighted that the Industrial Producer Price Index decreased by 1.84 per cent in February 2024, reaching 107.14 points, compared to 109.15 points in February 2023, adding that this decrease was largely due to a 2.39 per cent drop in the prices of transformative industries. Conversely, prices of extractive industries and electricity saw an increase of 2.74 per cent and 2.46 per cent respectively.

Despite the overall decrease, the Industrial Producer Price Index rose by 0.25 per cent in February 2024, reaching 107.14 points, up from 106.88 points in January 2024. This monthly increase was driven by a 0.22 per cent rise in the prices of transformative industries and a 2.80 per cent increase in extractive industries. However, electricity prices bucked the trend with a decrease of 1.64 per cent, the report showed.