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Industrial producer price index down by 0.8% in February

Industrial producer price index down by 0.8% in FebruaryProvisional data issued by the National Statistics Office today indicates that the industrial producer price index in February decreased by 0.8 per cent when compared to the previous month.

The producer price index for total industry decreased by 0.8 per cent over the previous month. This was due to a decline in both intermediate and consumer goods by 1.5 and 0.1 per cent respectively.

Prices for intermediate goods have been on the decline since reaching 76.9 points in September 2012. The index dropped to 69.0 points in February.

General price movements in the domestic sphere remained relatively stable as a minor upward movement in intermediate goods was offset by a marginal decline in consumer goods.

The non-domestic sector was characterised by a drop of 1.7 per cent in the prices of intermediate goods, which resulted in an overall decline of 1.4 per cent.

Producer prices in respect for goods destined for the euro area went down by 1.6 per cent, while prices for goods destined for the non-euro area remained stable.

On an annual basis, the producer price index declined by 2.5 per cent, from 95.9 to 93.6 points. During this period, producer prices for intermediate goods fell by 5.2 per cent. Partly offsetting this drop were increases of 0.1 and 1.6 per cent in the capital and consumer goods respectively. No price changes were registered for energy prices.

Producer prices for the domestic market edged up by 0.8 per cent, on account of price rises in intermediate and consumer goods by 5.6 and 1.3 per cent respectively.

The period under review revealed that producer prices for goods destined for the non-domestic market decreased by 4.8 per cent on account of a drop in prices in the euro area by 5.5 per cent. Mitigating this decline was a slight increase in prices for goods destined for the non- euro area by 0.8 per cent.

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