MUSCAT- The Sultanate of Oman witnessed a significant record decline of 13 per cent in producer prices during the third quarter of 2023 compared to the corresponding period in 2022, as reported by the National Center for Statistics and Information.
The prices of oil and gas products experienced a notable decrease of 13.7 per cent, while non-oil products also saw a decline of 8.2 per cent.
The drop in oil and gas prices is primarily attributed to a 16 per cent decrease in the prices of crude oil and natural gas. In contrast, prices of refined oil products increased by 2.3 per cent.
The decline in prices for non-oil products is associated with a 10.2 per cent decrease in the manufacturing industries, with various subgroups witnessing declines. Metal products and machinery prices, for instance, decreased by 11 per cent, while prices of other transportable goods dropped by 10.9 per cent, and prices of food, beverages, and textiles went down by 7.9 per cent.
Within the food, beverages, and textiles category, prices of fish, fruits, vegetables, and oils decreased by 18.5 per cent, and dairy products saw an 8.5 per cent decline. On the other hand, prices of woven fabrics increased by 7 per cent, shoes by 0.7 per cent, and clothing and suits by 0.2 per cent. Prices for beverages, bakery products, and other food items remained stable.
In the group of other transportable goods, prices decreased for chemicals by 20.9 per cent, paper products by 7 per cent, rubber and plastic products by 4.8 per cent, and furniture and other goods by 1.4 per cent. Meanwhile, prices of recycled iron waste increased by 1.1 per cent, pigments and pharmaceutical products by 1.8 per cent, and glass, cement, and marble products by 0.4 per cent. Wooden products experienced a modest increase of 0.2 per cent.
Regarding metal, machinery, and equipment products, prices of iron, steel, and aluminum ores and products decreased by 15.9 per cent, power transformers and electrical distribution devices by 9.6 per cent, and products made of iron, steel, or aluminum by 7.2 per cent. Prices of compressed empty cylinders decreased by 4.4 per cent, and prices of air conditioners and car oil filters by 0.1 per cent, while prices of water heaters increased by 1.7 per cent.
In the mining, electricity, and water group, prices decreased by 0.4 per cent due to a 4.5 per cent decline in the prices of stones and sands. However, metal ores saw an increase of 0.9 per cent, and prices of electricity and water remained stable.
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