Producer Price Index climbs 2% for October 2017

the Producer Price Index for the Mining and Quarrying industry posted a growth of 2% for October 2017. The movement was as a result of the major group ‘Bauxite Mining Alumina Processing’ which experience a similar growth of 2% in its index according to the Statistical Institute of Jamaica (STATIN). STATIN also noted, “this was as a result of the depreciation of the Jamaican dollar against the United States Dollar.”

The Manufacturing industry slid 0.1%, influenced by a 1.2% decline in the ‘Refined Petroleum Products’ group. The decline was however tempered by an increase in the major group ‘Food, Beverages & Tobacco’ by 0.3%.

An 18.5% increase was recorded for the point-to-point movement for October 2016 to October 2017 in the Mining & Quarrying industry. The Manufacturing industry recorded a 5.1% increase over the similar period. According to STATIN, “This movement was due mainly to increases in the major groups, ‘Food, Beverages & Tobacco’ and ‘Refined Petroleum Products’, 3.9 per cent and 13.4 per cent respectively.”

For the fiscal year-to-date, the Mining & Quarrying industry booked a growth of 3.9% in its index,  while the Manufacturing industry rose by 2.6%.