PPI Components Declined in December 2024

• Monthly Producer Price Index for both the Mining & Quarrying and Manufacturing industries fell in December 2024 according to data released from STATIN. The index for the Mining & Quarrying industry declined by 0.1%, while prices in the Manufacturing industry was 0.6% lower relative to November 2024.
• The movement in the Mining and Quarrying industry reflects a 0.1% decline in the index for ‘Bauxite Mining & Alumina Processing’.
• On the other hand, a 3.7% decrease in the index for the major category ‘Refined Petroleum Products’—given lower petroleum prices in the international market—was the primary factor behind the decline in the Manufacturing industry index. Meanwhile, the index for ‘Food, Beverages & Tobacco’ remained relatively unchanged.
• That said for the period December 2023 – December 2024, the point-to-point index for the Mining & Quarrying industry rose by 8.4%. This was due to an increase of 8.6% in the index for the major group ‘Bauxite Mining & Alumina Processing’.
• In contrast, for the same period, the index for the Manufacturing industry increased by just 0.5%. A 3.1% increase in the index for the major group ‘Food, Beverages & Tobacco’ was the primary contributor. However, the industry’s overall increase was tempered by a 10.0% decline in the index for the major group ‘Refined Petroleum Products’.

(Source: STATIN)