Durrant Pate/Contributor

Jamaican producers saw a slight decline in prices in August, as measured by the producer price index (PPI).

The Statistical Institute of Jamaica (STATIN) is reporting,” for August 2022, output prices for producers in the Mining & Quarrying industry declined by 0.4 per cent. This was primarily attributed to a 0.4 per cent fall in the index for the major group, Bauxite Mining & Alumina Processing.”

There was also a decline in the index for the other major group, ‘Other Mining & Quarrying’, which moved down by 0.1 per cent. For the second consecutive month, the index for the manufacturing industry declined.

Tracking the numbers

In August, the index fell by 0.6 per cent. The main contributor to this downward movement was a 2.8 per cent decline in the index for the major group ‘Refined Petroleum Products’. The index for the major group ‘Food, Beverages & Tobacco’ recorded a negligible movement.

Within this major group, there was an increase in the index for the group ‘Manufacture of Other Food Products’ of 0.1 per cent. This was influenced by the 0.3 per cent increase in the index for the sub-group ‘Bakery Products’, due to increased prices for wheat and flour.

According to STATIN,” the movement in the group’s index was tempered by declines in the sub-groups ‘Sugar, Cocoa, Coffee, Chocolate & Sugar Confectionery’ (-0.3 per cent) and ‘Seasoning, Spices, Sauces and Condiments’ (-0.1 per cent). For the period August 2021 – August 2022, the index for the Mining & Quarrying industry increased by 3.2 per cent, primarily as a result of an upward movement of 3.0 per cent in the index for the major group, Bauxite Mining & Alumina Processing.”

The point-to-point index for the manufacturing industry moved up by 19.6 per cent, due to increases in the index for the major groups; ‘Refined Petroleum Products’ (50.0 per cent), ‘Food, Beverages & Tobacco’ (14.7 per cent), and ‘Chemicals and Chemical Products’ (8.8 per cent).