Producer Price Index

Cyprus construction sector sees rise in both production and prices

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Cyprus construction sector sees rise in both production and prices

Cyprus experienced an increase in both production and producer prices in the construction sector during the year 2023. The Production Index in Construction for the fourth quarter of 2023 rose to 227.99 units, marking a 9.2 per cent increase compared to the fourth quarter of 2022. The Producer Price Index in Construction for the fourth quarter of 2023 reached 138.29 units, showing a marginal increase of 0.8 per cent compared to the third quarter of 2023.

Turkey inflation hit 68.5% ahead of election blow to ruling party

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Turkey inflation hit 68.5% ahead of election blow to ruling party

Turkey’s annual inflation rate climbed to 68.5 per cent in March, leading to significant losses for President Tayyip Erdogan’s party in local elections.

WTI steady at $80.60, below YTD peak

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WTI steady at $80.60, below YTD peak

– West Texas Intermediate (WTI) crude oil prices are fluctuating just above the mid-.00s in Asian trading on a Friday.
– Prices are close to the highest level since November 6, as observed the previous day.
– The US Producer Price Index (PPI) was higher than expected, suggesting the Federal Reserve might maintain high interest rates to combat inflation, potentially reducing economic activity and fuel demand.
– Concerns about a slowdown in China also negatively impact crude oil prices.
– Factors supporting oil prices include a significant drop in US inventories, drone strikes on Russian refineries, and increased energy demand forecasts.
– The US Energy Information Administration reported a decrease of about 1.5 million barrels in US crude stockpiles for the week ending March 8.
– A drone attack attributed to Ukraine caused a fire at Rosneft’s largest refinery in Russia.
– The International Energy Agency has raised its 2024 oil demand growth forecast for the fourth time since November due to supply disruptions from Houthi attacks in the Red Sea.
– OPEC+ members have agreed to extend production cuts of 2.2 million barrels per day through the second quarter, supporting higher crude oil prices.
– Crude oil is on track for strong weekly gains, with market focus shifting to the upcoming FOMC monetary policy meeting.

Cyprus producer price index in industry drops in January

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Cyprus producer price index in industry drops in January

The Producer Price Index for Industry in Cyprus decreased by 2.9% in January 2024, primarily due to a decrease in the electricity supply sector. The index stood at 122.5 points, using 2021 as the base year, and showed a 1.3% decrease compared to December 2023. In January 2024, the index remained unchanged in the manufacturing sector, increased by 0.2% in the mining and quarrying sector, but decreased by 5.9% in the electricity supply sector and 1.7% in the water supply and materials recovery sector. Year-over-year, there were increases in the furniture manufacturing, other processing activities, repair, and installation of machinery and equipment sectors (4.9%), production of petroleum refining products, chemicals, pharmaceutical products, and preparations (2.9%), and manufacturing of electronic and optical products and electrical equipment (2.1%). Decreases were observed in the production of basic metals and manufacture of metal products (-7.8%), paper and paper products manufacturing and printing (-3.6%), and manufacture of rubber and plastic products (-1.9%).