Oman’s Producer Price Index rises 36.6%

Muscat: The producer price index for the third quarter of 2022, posted an increase of 36.6%, compared to the corresponding period in 2021.

The quarterly survey, issued by the National Centre for Statistics and Information (NCSI), shows that oil and gas prices took the lead by scoring a 44.1% hike, while non-oil products increased by 2.9%.

The rise in prices of oil and gas products was due to a 48% growth in crude oil and natural gas, coupled with a 21.8% surge in prices of refined oil products. The rise in the prices of non-oil products was due to a 3.1% growth in prices of the converting industries’ group. Prices of mining, electricity and water increased by 2.3%.

In the converting industries group, the prices of most of the sub-groups grew in different degrees: 11.7% in prices of foodstuff, beverages, and textile products, 1% in products of metal, machinery and equipment, and 0.8% in prices of other transportable commodities products.

In the foodstuff and textile products’ group, the prices of fish products, fruits, vegetables and oils surged by 22.9%, the prices of fabrics and textile products grew by 21.4%, the prices of dairy products went up by 10.1%, the prices of beverages by 7%, the prices of bakery products and other foodstuff rose by 4.3% and prices of shoes by 1.6%.

In the group of metal products, machinery and equipment, the prices of products made of iron, steel or aluminium increased by 22.2%, the prices of empty compressed cylinders rose by 6.3% and the products of power transformers, electricity distribution devices and cables increased by 4%.

In the meantime, the prices of water heaters went down by 3.8%, while the prices of ore and iron, steel/ aluminium products dropped by 9%.

In the group of other moveable goods, the prices of dyes and pharmaceutical products grew by 6.6%, while rubber and plastic products increased by 3.8%, re-melted iron waste products rose by 2.3% and the prices of chemical products by 1.7%, while the prices of glass, cement and marble products went down by 4.3%.

Producer price data are collected on a quarterly basis for a selected sample from various governorates of Oman. These covered three production sectors: the converting industries sector, the mining and quarrying sector and the electricity and water sector. – ONA