Cyprus industrial producer prices index falls in May

Cyprus’ Industrial Producer Prices Index experienced a 2.5 per cent decrease in May 2024 compared to the same month in 2023, according to a report by the state’s statistical service.

For the period from January to May 2024, the index saw a reduction of 3.2 per cent compared to the corresponding period last year.

In May 2024, the Industrial Producer Prices Index reached 122.4 points (base 2021=100), showing an increase of 0.5 per cent compared to April 2024.

Moreover, according to the statistical service, the index remained stable in the manufacturing sector in May 2024 compared to April 2024.

However, it increased by 2.5 per cent in the water supply and material recovery sectors, by 2.2 per cent in the electricity supply sector, and by 0.1 per cent in the mining and quarrying sectors.

When comparing May 2024 to the same month in the previous year, there was an increase of 1.1 per cent in the mining and quarrying sector.

Conversely, there were decreases of 10.3 per cent in the electricity supply sector, 0.5 per cent in the manufacturing sector, and 0.2 per cent in the water supply and material recovery sectors.

In the manufacturing sector, specific industries experienced varied changes in May 2024 compared to May 2023.

Furthermore, the statistical service reported increases in the manufacturing of furniture, other manufacturing activities, and the repair and installation of machinery and equipment by 3.9 per cent.

There was also a rise of 2.6 per cent in the production of refined petroleum products, chemicals and chemical products, and pharmaceutical products and preparations.

Additionally, the manufacture of electronic and optical products and electrical equipment grew by 2.3 per cent, while the production of textiles, apparel, and leather goods increased by 1.0 per cent.

On the other hand, declines were recorded in the production of basic metals and fabricated metal products by 7.3 per cent, the manufacture of paper and paper products and printing by 2.6 per cent, and the manufacture of rubber and plastic products by 2.3 per cent.