Index of Industrial Output Prices records annual decrease of 0.4% in August

The Index of Industrial Output Prices recorded in August an annual decrease of 0.4%.

According to the Statistical Service of Cyprus, the Index of Industrial Output Prices for August 2024 reached 124,1 units (base 2021=100), recording a decrease of 0.1% compared to July 2024. Compared to the corresponding month of the previous year, the index recorded a decrease of 0.4%. For the period January-August 2024, the index showed a decrease of 2.2% compared to the corresponding period of 2023.

In August 2024 compared to July 2024, the index remained stable in the sectors of mining and quarrying and manufacturing, while it showed an increase in the sector of electricity supply by 0.1%. In the sector of water supply and materials recovery the index recorded a decrease of 2.2%.

Compared to the corresponding month of the previous year, the sector of manufacturing remained stable, while an increase was recorded in the sector of mining and quarrying (1.0%). A decrease was recorded in the sectors of electricity supply by 1.8% and water supply and materials recovery by 1.4%.

By division of economic activity in manufacturing, in August 2024 compared to the corresponding month of the previous year, increases were recorded in the manufacture of electronic and optical products and electrical equipment (6.3%), the manufacture of furniture, other manufacturing and repair and installation of machinery and equipment (3.6%), the manufacture of textiles, wearing apparel and leather products (1.4%) and the manufacture of food products and beverages (0.4%), while a decrease was recorded in the manufacture of basic metals and fabricated metal products (-3.5%), the manufacture of paper and paper products and printing (-2.9%) and the manufacture of rubber and plastic products (-0.6%).