Producer prices up in manufacturing, mining and quarrying
/ Our Today
administrator
Producer prices for the mining and quarrying industry increased by 0.8 per cent while prices in the manufacturing industry increased by 0.1 per cent.
This is based on the Producer Price Index March 2024, released last week by the Statistical Institute of Jamaica (STATIN).
The movement in the mining and quarrying industry was mainly attributed to a similar increase of 0.8 per cent in the index for bauxite mining & alumina processing.
The index for ‘other mining and quarrying’ moved up by 0.2 per cent. These increases were due to the depreciation of the Jamaican dollar vis-à-vis the United States dollar.
The increase in the manufacturing was mainly due to increases in the index for ‘food, beverages & tobacco’ (0.2 per cent) and ‘refined petroleum products’ (0.6 per cent).
For the period March 2023 – March 2024, the index for the mining & quarrying industry declined by 7.1 per cent as a result of a 7.5 per cent fall in the index for ‘bauxite mining & alumina processing’.
However, for the same point-to-point period, the index for the manufacturing industry increased by 2.2 per cent. The major groups contributed to this increase are: ‘refined petroleum products’ (7.7 per cent) and ‘food, beverages & tobacco’ (1.6 per cent).
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