Oman’s Producer Price Index rises by 50%

Muscat: The Sultanate’s Producer Price Index (PPI) rose by 50.2 percent during the first quarter of 2022 compared to the same period of last year.

This increase is led by the prices of oil products which registered an increase of 61.7 percent, while the non-oil products increased by 8.8 percent, according to the quarterly survey of the producer prices standard figures, issued the National Centre for Statistics and Information.

The increase in prices of oil and gas products is ascribed to the increase in refined oil products by 39 percent and the increase in crude oil and natural gas prices by 66.3 percent.

The increase in non-oil products was due to the increase in manufacturing industries group by 11.5 percent, where the prices of mining, electricity and water group registered  a decrease by 0.9 percent. Most prices of sub-groups of the manufacturing industries group have increased by varied percentages.

The prices of mineral products, machinery and equipment rose by 20.7 percent, food, beverages and textiles products group increased by 13.3 percent and prices of products of other transportable goods increased by 6.0 percent.

In food and textiles products, the prices of fish products, fruits, vegetables, and oils increased by 28.9 percent while the prices of dairy products increased by 12.8 percent and the prices of products of bakeries and other food products increased by 4.9 percent, beverages prices increased by 4.3 percent and prices of shoes increased by 1.8 percent.

The price of chemical products increased by 11.7 percent, paints and pharmaceutical products rose by 11.63 percent, rubber and plastic products increased by 6.1 percent, melted metal waste rose by 4.7 percent, paper products by 2.2 percent.

In the group of metal products, machinery and equipment, the prices of products “made of steel and aluminum” rose by 36.9 percent, while the prices of raw steel and aluminium products rose by 25.4 percent. Prices of power transformers and electricity distribution equipment and cables increased by 14 percent.