Oman’s producer price-based inflation falls 5.4%
Saturday 16/November/2019 15:39 PM
By: Times News Service
Muscat: The Sultanate's producer price index (PPI)-based inflation fell by 5.4 per cent in the third quarter of 2019 compared to the same period of last year due to a decline in oil and gas prices, according to the latest statistics released by the National Centre for Statistics and Information (NCSI).
The price of oil and gas products fell by 5.6 per cent, and those of non-oil products dropped by 3.9 per cent in the third quarter of 2019, over the same period of last year.
Among oil and gas group, refined oil products declined by 7.8 per cent, and the prices of crude oil and natural gas fell by 5.2 per cent in the third quarter of 2019 compared to the same period of the previous year. In the non-oil group, the prices of the manufacturing group dropped by 5.1 per cent.
Among different sub-groups in the manufacturing sector, the prices of most of the product groups declined at varying degrees. The producer prices of metal products, machinery and equipment dropped by 7.8 per cent whereas those of food, beverages and textiles products group fell by 4.3 per cent, and transportable goods group fell by 4 per cent.
In the food, beverages and textiles products group, the price of beverages declined by 15.7 per cent; fish, fruits, vegetables and oils by 6.9 per cent; clothing, textiles and footwear by 2.7 per cent while those of dairy products and bakery products rose by 1.6 per cent and 1.0 per cent, respectively, the NCSI report added.
The price of paints and pharmaceutical products increased by 3.1 added; and wood and paper products by 0.5 added whereas a decline was witnessed in the prices of chemical products by 7.3 added; glass, cement and marble products by 3.9 added; and furniture products, jewellery and anti-melted metal waste by 0.5 added, the NCSI bulletin showed.
In the metal products, machinery and equipment group there was a drop in prices of raw metals and its finished products by 12.4 added, distribution and delivery of electricity apparatus, recording tapes and CDs by 6.2 added, and those of fabricated steel and aluminium products by 1.8 added.