Producer price based inflation in Oman falls 1.3 per cent

The Sultanate’s producer price index (PPI)-based inflation fell by 1.3 per cent in the second quarter of 2019 compared to the same period of last year due to a fall in oil and gas prices, according to the latest statistics released by the National Centre for Statistics and Information (NCSI).

The price of oil and gas products fell by 0.9 per cent, and those of non-oil products fell by 3.3 per cent in the second quarter of 2019, over the same period of last year.

Among oil and gas group, refined oil products fell by 3.7 per cent, and the prices of crude oil and natural gas fell by 0.4 per cent in the second quarter of 2019 compared to the same period of the previous year.

In the non-oil group, the prices of the manufacturing group and the prices of mining, electricity and water group index fell by 4.2 per cent and 0.2 per cent, respectively. Among different sub-groups in the manufacturing group, the prices of most of the product groups fell at varying degrees. The producer prices of food, beverages and textiles products group increased by 2.3 per cent whereas metal products, machinery and equipment fell by 6.7 per cent, and transportable goods fell by 5.5 per cent.

In the food, beverages and textiles products group, the price of beverages rose by 17 per cent; bakery and other food products by 1.4 per cent whereas there was a decline in fish, fruits, vegetables and oils by 4.5 per cent; clothing, textiles and footwear by 1.9 per cent; and dairy products by 0.4 per cent, added the NCSI report.

Paints and pharmaceuticals

The price of paints and pharmaceutical products rose by 1.6 per cent; wood and paper products by 0.5 per cent whereas a decline was witnessed in the prices of chemical products by 11.3 per cent; glass, cement and marble products by 3 per cent; rubber and plastic products by 1.6 per cent; furniture, jewellery, and anti-melted metal waste by 0.8 per cent, the NCSI bulletin showed.

The price index of metal products, machinery and equipment in the second quarter of 2019 fell by 6.7 per cent compared to the same period of 2018.

There was a drop in prices of raw steel and aluminium products by 11.3 per cent; distribution and delivery of electricity apparatus, recording tapes and CDs by 4.8 per cent, and those of fabricated steel and aluminium products by 1.6 per cent.