Output Prices for Producers in Manufacturing Decline in November 2022, but Mining Experiences Uptick  

 

• For November 2022, output prices for producers in the Mining and Quarrying industry increased by 0.7% while the index for the Manufacturing industry declined by 0.3%.
• The movement in the Mining and Quarrying industry index was mainly attributed to a 0.8% increase in the index for the major group ‘Bauxite Mining & Alumina Processing’. This was due primarily to the depreciation of the Jamaican dollar against the US dollar.
• The main contributors to the decline in the index for the Manufacturing industry were the ‘Refined Petroleum Products’ group, which fell by 1.4%, and ‘Food, Beverages and Tobacco’, which declined by 0.1%. The declines in the groupings were the result of both moderating energy and food prices on the global markets coupled with the likelihood of a recession. This fall was, however, tempered by a 0.1% increase in the index for the major group ‘Rubber & Plastic Products’.
• For the period November 2021 – November 2022, the Mining & Quarrying industry’s index fell by 20.4% while the point-to-point movement for the Manufacturing industry’s index increased by 13.1%. The two major groups contributing to the movement in the Manufacturing industry were ‘Refined Petroleum Products’ (21.0%), and ‘Food, Beverages & Tobacco’ (12.5%). The increase in oil prices and other key commodities due to the Russia-Ukraine war are the primary reasons for the month-over-month increases in both groupings.

(Source: STATIN)