Producer price index up by 22.3% in Oman

Muscat: Producer Price Index (PPI) in Oman grew by 22.3 per cent during the fourth quarter of 2022, compared to the corresponding period in 2021.

Data from the quarterly PPI survey, issued by the National Centre for Statistics and Information (NCSI), indicate that the prices of oil and gas products increased by 27.8 per cent. This was due to a 31.5 per cent rise in the prices of crude oil and natural gas, coupled with a 7.1 per cent growth in the prices of refined petroleum products.

The volume of non-oil products dropped by 3.7 per cent as a result of a 5.1 per cent decline in prices of the converting industries’ group, against a 2.0 per cent rise in the prices of the mining, electricity and water group.

In the converting industries group, the prices of foodstuff, beverages and textiles picked up by 4.7 per cent, while the prices of mineral products, machinery and equipment dropped by 15.2 per cent, as well as a 3.1 per cent decline in the prices of other transportable commodity products.

All PPI data are collected quarterly for specimens from different governorates of Oman. They cover three main production sectors: converting industries, mining and quarrying and electricity and water.