Import price index declines 4.7% by end of third quarter in 2023

Muscat: The general import price index (IPI) in the Sultanate of Oman went down by 4.7 percent at the end of the third quarter of 2023, compared to the corresponding period in 2022, due to a collective decline in most segments that make up the general index.

The IPI decline was quoted as follows: 0.8 percent in group of machinery and transportation equipment, 5.4 percent in the group of manufactured goods, 3.1 percent in the group of food and livestock, 16.2 percent in the group of mineral fuels, mineral lubricants and similar materials, 2 percent in the inedible raw materials group (excluding fuel) and 2.9 percent in beverages and tobacco group.

On the other hand, the group of chemicals and related materials posted a 3.8 percent rise in their IPI, while the group of miscellaneous manufactured products went down by 1.4 percent in their IPI.

Compared to the second quarter of 2023, the IPI dropped by 7.2 percent. The group of machinery and transportation equipment experienced 16.1 percent decline in their IPI, while manufactured products’ IPI went down by 9.9 percent, followed in the decline trend by miscellaneous products (5.3 percent), mineral fuels, mineral lubricants and related materials (6.2 percent) and beverages and tobacco (3.2 percent).

In contrast, the index for the food and livestock group posted a 4.1 percent rise, while index of the inedible raw materials group (excluding fuel) registered a 1.5 percent rise.