Producer prices fall in the Mining and Quarrying industry, but rose in the Manufacturing Industry for April

• For April 2022, output prices for producers in the Mining and Quarrying industry decreased by 1.8%. This outturn was mainly attributed to a 1.8% fall in the index for ‘Bauxite Mining & Alumina Processing’. This fall was due to the appreciation of the Jamaican dollar when compared to the United States dollar over the review period. 
• On the other hand, the index for the Manufacturing industry increased by 1.6%. The main contributors to the increase in the index were the rise in the sub-indices such as ‘Refined Petroleum Products’ up by 6.3%, ‘Food, Beverages & Tobacco’ up by 0.6%, and ‘Other Non-Metallic Mineral Products’ up by 0.1%. These increases were mainly due to higher cost for raw materials. 
• Along with the other industries, the manufacturing industry continues to be adversely affected by higher costs for shipping and raw materials on the international market owing to both the lingering effects of the pandemic and the current geopolitical tensions between Russia and Ukraine. 
• These April outturns contributed to a 12-month point-to-point (April 2021 – April 2022) increase in both the Mining & Quarrying and Manufacturing industry indices of 35.5% and 23.4%, respectively. It is anticipated that these indices will rise further in the near term as the Russia-Ukraine conflict and its impact on commodity prices continue to unfold.

(Sources: STATIN & NCBCM Research)