The Sultanate's producer price index (PPI)-based inflation fell by 1.3% 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 (NCSI).
The price of oil and gas products fell by 0.9%, and those of non-oil products fell by 3.3% 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%, and the prices of crude oil and natural gas fell by 0.4% 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% and 0.2%, 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%, whereas metal products, machinery & equipment fell by 6.7%, and transportable goods fell by 5.5%. In the food, beverages and textiles products group, the price of beverages rose by 17%; bakery and other food products by 1.4%; whereas there was a decline in fish, fruits, vegetables and oils by 4.5%; clothing, textiles and footwear by 1.9%; and dairy products by 0.4%, added the NCSI report.
The price of paints and pharmaceutical products rose by 1.6%; wood and paper products by 0.5%, whereas a decline was witnessed in the prices of chemical products by 11.3%; glass, cement and marble products by 3%; rubber and plastic products by 1.6%; furniture, jewelry, and anti-melted metal waste by 0.8%, the NCSI bulletin showed. The price index of metal products, machinery and equipment in the second quarter of 2019 fell by 6.7% compared to the same period of 2018. There was a drop in prices of raw steel and aluminum products by 11.3%; distribution and delivery of electricity apparatus, recording tapes and CDs by 4.8%, and those of fabricated steel and aluminum products by 1.6%.