The Statistical Institute of Jamaica (STATIN) has indicated that the Producer Price Index (PPI) for the ‘Mining and Quarrying’ industry decreased by 22.1 per cent year-over-year between December 2021 and December 2022.

This was due to decreases in ‘Bauxite Mining & Alumina Processing’ (down by 23.0%), which was offset by a slight increase in ‘Other Mining & Quarrying’ (up by 2.7%). December’s decline was the largest and the fifth consecutive point-to-point decrease for the calendar year 2022.

The PPI tracks the average change in selling prices obtained by domestic goods and service producers over time.

The ‘Manufacturing’ index rose over the period, moving up by 11.2 per cent when compared with December 2021. December’s increase was mainly due to rises in ‘Refined Petroleum Products’ (up by 12.6%), ‘Food, Beverages & Tobacco’ (up by 11.8%), and Chemical and Chemical Products’ (up by 9.4%).

12TH POINT-TO-POINT INCREASE

December’s increase was the lowest and the 12th consecutive point-to-point increase for the calendar year 2022.

Month-over-month the ‘Mining and Quarrying’ index increased by 0.6 per cent, while the PPI for the ‘Manufacturing’ industry logged its sixth consecutive monthly decline since the start of the 2022 calendar year, recording a fall of 1.6 per cent in October. The month-over-month increase in the Mining and Quarrying industry was primarily influenced by a 0.6 per cent rise in the heavier weighted group, ‘Bauxite Mining & Alumina Processing’. Meanwhile, the month-over-month decrease in Manufacturing was largely driven by a 9.0 per cent decline in ‘Refined Petroleum Products’.

The industry’s movement, however, was tempered by a 0.3 per cent increase in the index for the major group ‘Food Beverages & Tobacco’ and the ‘Textile Wearing Apparel and Leather Products index (up by 0.2%).