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.