Producer Price-based Inflation Rises 26.9 Percent in Q3 of 2018 in the Sultanate

Muscat, The Sultanate’s producer price index (PPI)-based inflation rose by 26.9% in the third quarter of 2018, over the same period of last year, mainly driven by a surge in oil and gas prices, according to the latest statistics released by the National Centre for Statistics and Information (NCSI).

Prices of oil and gas products increased by 32.2% while the prices of non-oil products rose by 5.1% in the third quarter of 2018, over the same period of the previous year.

Among oil and gas group, refined oil products shot up by 38.9% while the prices of crude oil and natural gas soared by 31.2% in the third quarter of 2018, over the same period of the previous year.

Among non-oil group, the prices of the manufacturing group rose by 7.1% in the third quarter while there was a 1.2% fall in the prices of mining, electricity and water group index.

Among different sub-groups in the manufacturing group, the prices of most of the product groups rose at varying degrees. Metal products, machinery and equipment recorded an increase of 14.4% and transportable goods by 6.1% while producer prices of the food, beverages and textiles products group increased by 1.1%.

Among food, beverages and textiles products, the price of beverages rose by 10.6% and bakery and other food products by 3.8%. There is a decline in fish, fruits, vegetables and oils by 6.4%, clothing, textiles and footwear by 1.3% and dairy products by 0.1%, added the NCSI report.

Among transportable goods group, producer price index of products of gases, acids and polypropylene rose by 16.9%, rubber and plastic products by 4.1%, and wood and paper products by 1.9%. In contrast, there was a decline in the prices of glass, cement and marble products by 2.1%, furniture products, jewellery and iron products by 1.4%; paints and pharmaceutical products by 1.3%; the NCSI bulletin showed.

The price index of metal products, machinery and equipment also rose by 14.4%, mainly driven by a growth in prices of distribution and delivery of electricity apparatus, recording tapes and CDs by 22.2%. Prices of raw metals and its finished products soared by as much as 14.1% while prices of fabricated steel and aluminium products rose by 2.2%.

Source: Oman News Agency