Producer price index declines 7.9%

Muscat: The Producer Price Index (PPI) in the Sultanate of Oman recorded a drop of 7.9 per cent during the 4th quarter of 2023, compared to the corresponding period in 2022 with 2018 being the base year.

According to the data released by the National Centre for Statistics and Information (NCSI), a decline was registered in the groups of mining and utilising quarries (7.5 per cent) which is attributed to the drop in products of crude oil and natural gas by 7.7 per cent.

Meanwhile, a rise was recorded in products of metal ores (17.2 per cent) and rock and sand products (0.5 per cent).
A decrease was recorded in the groups of converting industries (9.1 per cent) as prices in these groups went down such as other transportable products (5.9 per cent) and metal products, machinery and equipment (17.3 per cent), while a rise was recorded in foodstuff, drinks and textiles (0.1 per cent).

PPI went down for the electricity group by 4.8 per cent and increased by 1.7 per cent for the water group.