Producer price based inflation falls 1.3 per cent

MUSCAT: The Sultanate’s producer price index (PPI)-based inflation fell by 1.3 per cent in the second quarter of this year 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 National Centre for Statistics and Information (NCSI). The price of oil and gas products fell by 0.9 per cent, and those of non-oil products fell by 3.3 per cent 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 per cent, and the prices of crude oil and natural gas fell by 0.4 per cent in the second quarter 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 fell by 4.2 per cent and 0.2 per cent respectively. The producer prices of food, beverages and textiles products group increased by 2.3 per cent whereas metal products, machinery and equipment fell by 6.7 per cent. In the food, beverages and textiles products group, the price of beverages rose by 17 per cent; bakery and other food products by 1.4 per cent whereas there was a decline in fish, fruits, vegetables and oil prices by 4.5 per cent. — ONA