In November, Cyprus experienced a more pronounced decline in industrial producer prices, according to preliminary data released by the statistical office on Tuesday. The index measuring industrial output prices saw a year-on-year decrease of 1.6%, worsening from the revised 0.6% drop noted in October. This recent downturn marks the steepest decline since April.
The primary driver of the overall reduction in output prices was local market prices, which fell by 2.0% in November. Conversely, prices in the export market showed a slight increase of 0.6%.
In October, Cyprus saw a 2.0% growth in industrial output, while Harmonized Index of Consumer Prices (HICP) inflation accelerated in November.
Within the industrial sectors, manufacturing experienced a 1.0% rise in output prices. Meanwhile, water supply and materials recovery sectors recorded a 0.7% gain, and the mining and quarrying sectors reported a 0.6% increase. The electricity supply sector, however, suffered a significant price slump of 11.7%.
Month-on-month, prices witnessed a 1.1% decrease from October. Analyzing the period from January to November, industrial output prices contracted by 2.0% compared to the previous year.
