Producer Price-based Inflation Falls 5.7 Percent in Q1 of 2020 in the Sultanate

Muscat, The Sultanate’s producer price index (PPI)-based inflation fell by 5.7% in the first quarter of 2020 compared to the same period of 2019, according to the latest statistics released by the National Centre for Statistics and Information (NCSI).

The price of oil and gas products declined by 6.3%, and those of non-oil products dropped by 3% in Q1 of 2020, compared to Q1 of 2019.

Among oil and gas group, refined oil products fell by 9.9%, and the prices of crude oil and natural gas declined by 5.7% in the first quarter of 2020 compared to the same period of the previous year. In the non-oil group, the prices of the manufacturing group dropped by 3.9%.

Among different sub-groups in the manufacturing sector, the prices of most of the product groups fell at varying degrees. The producer prices of metal products, machinery and equipment declined by 6.2%, transportable goods fell by 3.3% whereas food, beverages and textiles products group dropped by 2.3%.

In the food, beverages and textiles products group, the price of beverages fell by 18.7% whereas those of dairy products rose by 5.2%; fish, fruits, vegetables and oils by 3.1%; and clothing, textiles and footwear by 0.7%, added the NCSI report.

Meanwhile, the price of chemicals products fell by 5.7%; rubber and plastic products by 4.3%; glass, cement and marble products by 2.3%; paints and pharmaceutical products by 1.2%; and wood and paper products by 0.2%, the NCSI bulletin showed.

The price index of metal products, machinery and equipment in the first quarter of 2020 declined by 6.2% compared to the same period of 2019. There was a drop in prices of raw metals and its finished products by 8.4%. Prices of distribution and delivery of electricity apparatus, recording tapes and CDs fell by 6.3%, the report concluded.

Source: Oman News Agency