Output prices index rises by an annual 27.5% in July

The Index of Industrial Output Prices for July 2022 jumped by an annual 27.5% marking the inflationary pressures in economic activity in the midst of the war in Ukraine and the recovery from the Covid-19 pandemic.

According to data released by the Cyprus Statistical Service (Cystat), the Index of Industrial Output Prices for July 2022 reached 140 units (base 2015=100), recording an increase of 4.6% compared to June 2022 and 27.5% year on year.

For the period January-July 2022, the index showed an increase of 21.,4% compared to the corresponding period of 2021.

Compared to the corresponding month of the previous year, an increase was recorded in all sectors. Electricity supply soared with 80.,6% follower by mining and quarrying with 15.0%, water supply and materials recovery with 14.1% and manufacturing with 13.1%.

According to Cystat, compared with June 2022, the index recorded a rise in the sectors of electricity supply by 16.2%, mining and quarrying by 4.5% and manufacturing by 0.3%, while water supply and materials recovery declined by 1.8%.