Industrial Producer Prices Decline 1.56% in Q1 2024

The industrial producer price index witnessed a decline of 1.56 percent in the first quarter of 2024, dropping to 107.21 points compared to 108.91 for the same period in 2023. This decrease was primarily driven by a 1.92 percent drop in manufacturing industry prices and a 2.33 percent decrease in extractive industry prices. However, electricity prices experienced a 4.65 percent increase when comparing the cumulative index for the first three months of 2024 with the corresponding period in 2023. As per the monthly report released by the Department of Statistics on Tuesday, industrial producer prices continued their downward trend in March 2024, registering a 1.42 percent decrease to reach 107.62 points compared to 109.17 in March 2023. The decline in manufacturing industry prices by 1.66 percent and extractive industry prices by 4.32 percent were major contributors to the decrease in the March index. Conversely, electricity prices saw a notable increase of 5.08 percent during the same period. Source: Jor dan News Agency