Producer prices in industry continue their upward trend, with the relative index showing an increase of 7.3% year-on-year in May. According to data released on Friday by the Statistical Service of Cyprus, the Index of Industrial Output Prices for May 2023 reached 143.0 units (base 2015=100), marking a 2.3% increase compared to April 2023. Furthermore, compared to the same month of the previous year, the index recorded a substantial annual increase of 7.3%. For the period of January to May 2023, the index displayed a notable rise of 14.2% compared to the corresponding period in 2022. In May 2023, when compared to April 2023, the index remained unchanged in the manufacturing sector. However, the sectors of electricity supply recorded a significant increase of 8.5%, and mining and quarrying saw a marginal rise of 0.1%. On the other hand, the sector of water supply and materials recovery recorded a decrease of 1.7%. Compared to the corresponding month of the previous year, an increase was recorded in the sectors of mining and quarrying (15.8%), electricity supply (14.8%) and manufacturing (5.5%) and a decrease in the sector of water supply and materials recovery by 10.4%. By division of economic activity in manufacturing, in May 2023 compared to the corresponding month of the previous year, increases were recorded in the manufacture of other non-metallic mineral products (14.8%), the manufacture of paper and paper products and printing (8.1%), the manufacture of food products and beverages (7.5%), the manufacture of furniture, other manufacturing and repair and installation of machinery and equipment (6.5%) and the manufacture of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (4.3%). On the other hand, a decrease was recorded in the manufacture of basic metals and fabricated metal products (-5.6%).
Source: Cyprus News Agency