Qatar's producers' price index (PPI), which captures the price pressure felt by the producers of goods and services, shrank 7.32% year-on-year in February 2023, according to official estimates.
The decline in the country's PPI on an annualised basis has been on account of the hydrocarbons and certain manufacturing businesses such as chemicals and basic metals, according to figures released by the Planning and Statistics Authority (PSA).
Qatar's PPI was seen dropping 3.42% on a monthly basis this February.
The PSA had released a new PPI series in late 2015. With a base of 2013, it draws on an updated sampling frame and new weights.
The previous sampling frame dates from 2006, when the Qatari economy was much smaller than today and the range of products made domestically much narrower.
The mining PPI, which carries the maximum weight of 82.46%, reported a 5.47% shrinkage year-on-year in February 2023 as the average selling price of crude petroleum and natural gas was seen plummeting 5.47% and other mining and quarrying by 2.42%.
The mining PPI decreased 3.6% month-on-month this February as the average selling price of crude petroleum and natural gas declined 3.6%, even as that of stone, sand, and clay was up 0.02%.
The manufacturing sector PPI, which has a weight of 15.85% in the basket, tanked 17.15% on a yearly basis in February 2023 due to a 25.19% plunge in the average price of chemicals and chemical-related products, 11.93% in basic metals and 1.07% in refined petroleum products.
Nevertheless, there was a 13.2% increase in the printing and reproduction of recorded media, 6.1% in food products, 2.2% in rubber and plastics products, 1.31% in beverages, and 0.74% in cement and other non-metallic mineral products.
The manufacturing PPI plunged 3.23% month-on-month year in February on account of a 5.35% slump in the average price of basic metals, 5.28% in refined petroleum products, 3% in chemicals and chemical-related products, and 2.25% in rubber and plastics products.
However, there was a marginal 0.45% increase in the average price of cement and other non-metallic mineral products, 0.34% in beverages, and 0.14% in food products.
The index of electricity, gas, steam, and air conditioning supply reported a 5.15% and 3.71% increase on a yearly and monthly basis respectively this February.
The index of water supply was seen expanding 6.84% and 7.27% year-on-year and month-on-month respectively in February 2023.
Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).