Producer Prices Decline in October 2022

• For October 2022, output prices for producers in the Mining and Quarrying industry decreased by 9.4% while in the Manufacturing industry, prices declined by 1.0% as indicated by the Statistical Institute of Jamaica (STATIN). These declines represent the 4^th consecutive month of declines for both industries.
• The movement in the index for the Mining and Quarrying industry was mainly attributed to a 9.9% decline in the index for the major group ‘Bauxite Mining & Alumina Processing’. This is due primarily to the fact that the Jamalco refinery is only partially reopened. The index for the other major group ‘Other Mining & Quarrying’ recorded negligible movement.
• The main contributor to the decline in the index for the Manufacturing industry was the ‘Refined Petroleum Products’ group, which fell by 6.4%. This was due to the moderat energy prices. The impact of this fall on the industry was tempered by a 0.4% increase in the index for the major group ‘Food Beverages & Tobacco’.
• For the period October 2021 – October 2022, the Mining & Quarrying industry’s index fell by 19.8% while the point-to-point movement for the Manufacturing industry’s index increased by 14.6%. The three major groups contributing to the movement in the Manufacturing industry were ‘Refined Petroleum Products’ (24.7%), ‘Food, Beverages & Tobacco’ (13.5%), and ‘Chemical and Chemical Products’ (12.4 %).

(Source: STATIN)