Manufacturing Prices Decline for the Second Consecutive Month

  • For August 2022, output prices for producers in the Mining & Quarrying industry declined by 0.4%. Similarly, output prices for manufacturers declined by 0.6% for the second consecutive month.
  • The decline in the Mining & Quarrying industry was mainly attributed to a 0.4% fall in the index for the major group ‘Bauxite Mining & Alumina Processing’. There was also a decline in the index for the other major group, ‘Other Mining & Quarrying’, which moved down by 0.1%. Meanwhile, the decline in the Manufacturing Industry was attributed to the 2.8% decline in the index for the major group ‘Refined Petroleum Products’.
  • Overall, for the period August 2021 – August 2022, the index for the Mining & Quarrying industry increased by 3.2% primarily as a result of an upward movement of 3.0% in the index for the major group ‘Bauxite Mining & Alumina Processing’.  The point-to-point index for the Manufacturing industry moved up by 19.6%, due to increases in the index for the major groups; ‘Refined Petroleum Products’ (50.0%), ‘Food, Beverages & Tobacco’ (14.7%), and ‘Chemicals and Chemical Products’ (8.8%).

(Source: STATIN)