The Statistical Institute of Jamaica (STATIN) is reporting that output prices for producers in the Mining & Quarrying industry went up by half a per cent, as prices in the Manufacturing industry fell by 0.7 per cent during the month of August.

The upward movement in the index for the Mining and Quarrying industry was attributed to a similar 0.5 per cent increase in the index for the major group, ‘Bauxite Mining & Alumina Processing’.  The other major group, ‘Other Mining & Quarrying’, increased by 0.1 per cent.

The contributing factor to these increases was the depreciation of the Jamaican dollar relative to the United States dollar. A contraction of 4.5 per cent in the index for the major group, ‘Refined Petroleum Products,’ due to lower prices for crude oil on the international market was the main contributor to the decline in the index for the Manufacturing industry. 

Food, Beverages & Tobacco prices

However, the fall in the index for the industry was tempered by a 0.1 per cent increase in the index for the major group, ‘Food, Beverages & Tobacco’. This was primarily due to increases in the index for the groups: ‘Manufacture of Grain Mill Products, Starches and Starch Products’ (0.1%) and ‘Manufacture of Other Food Products’ (0.2%), due to general price increases and higher cost of raw materials.

For the period August 2023 – August 2024, the point-to-point index for the Mining & Quarrying industry increased by 7.7 per cent. This was due to a similar increase of 7.7 per cent in the index for the major group ‘Bauxite Mining & Alumina Processing’. 

The point-to-point index for the Manufacturing industry increased by 0.9 per cent. Contributing to this increase was the major group ‘Food, Beverages & Tobacco’ which rose by 2.7 per cent. However, the industry’s overall increase was tempered by a 5.8 per cent fall in the index for the major group ‘Refined Petroleum Products’.