Arab News, Mon, Nov 27, 2023 | Jumada Al-Uola 13, 1445
13% decline in Oman’s producer price index in Q3: ONCSI
Oman:
Oman recorded a 13 percent decrease in its producer price index in the third
quarter of 2023 compared to the corresponding period in 2022.
According to data from the Omani National Center
for Statistics and Information, the PPI, which measures the rate of change in
prices of products sold as they leave the producer, saw a steady decline.
The report further indicated that prices of oil
and gas products decreased by 13.7 percent, while non-oil products recorded a
decrease of 8.2 percent.
The reduction in the prices of oil and gas
products can be attributed to a 16 percent decrease in the costs associated with
crude oil and natural gas products, according to the Oman News Agency.
Similarly, the downturn in non-oil product prices
is attributed to a 10.2 percent dip in manufacturing industry costs, as the
prices of metal products, machinery and equipment decreased by 11 percent.
The costs of other transportable goods decreased
by 10.9 percent, while the prices of food products, beverages, and textiles
decreased by 7.9 percent. In contrast, the costs of bakery products remained
stable, according to the data.
Prices of woven fabric products saw an increase of
7 percent, with shoe prices rising 0.7 percent and clothing rising 0.2 percent.
Mining, electricity and water also witnessed a
decrease of 0.4 percent due to a decline in the prices of the sub-groups of
stones and sand by 4.5 percent.
In contrast, the prices of metal ores increased by
0.9 percent, while electric energy and water prices stabilized.
Meanwhile, metal products, machinery, and
equipment, including raw iron, steel, and aluminum, decreased by 15.9 percent.
In comparison, the prices of air conditioning units and car oil filters
increased by 0.1 percent, while water heaters increased by 1.7 percent.