Industry prices in 2021 the highest of the past eight years

The Index of Industrial Output Prices has recorded a 7.5% rise in 2021 compared with 2020, the highest of the last eight years, while only in December 2021 the prices increased by 18.5% compared to the corresponding month of 2020, recording a historic high.

In December, according to Cyprus’ Statistical Service, the Index reached 118.3 units (basis 2015 = 100), recording a 0.6% increase compared to November 2021, which is the highest, at least since 2000 when data is available.

Between January and December 2021, the average of the Index rose to 108.5 units reaching the highest level since 2013 when the Index was again at 108.5 units.

In December 2021, compared to November 2021, the Index remained stable in the sector of electricity supply, while it recorded a rise in the sectors of water supply and materials recovery by 1.5%, manufacturing by 0.7% and mining and quarrying by 0.5%.

Regarding the changes compared to the corresponding month of 2020, increases were recorded in all sectors, as follows: electricity supply 56.4%, water supply and materials recovery 32.9%, manufacturing 8.6% and mining and quarrying 4.3%.

By division of economic activity in manufacturing, in December 2021, compared to the corresponding month of the previous year, increases were recorded in all economic activities. The most significant were observed in the manufacture of wood and products of wood (28.8%), the manufacture of basic metals and fabricated metal products (26.5%), the manufacture of rubber and plastic products (13.9%), the manufacture of machinery and equipment, motor vehicles and other transport equipment (7.9%) and the manufacture of other non-metallic mineral products (7.6%)