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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Producer price drops 17 per cent pointing to lower inflation

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MUSCAT: The Sultanate’s producer price inflation (PPI) declined 17.1 per cent in the third quarter of 2016 compared with the same quarter last year, on the back of a 19.7-per cent drop in the prices of oil and gas products. According to the latest statistics released by the National Centre for Statistics and Information (NCSI), crude oil and natural gas prices fell by 22.4 per cent while refined oil products posted a price rise of 1.9 per cent during the period. Meanwhile, non-oil products saw a fall of 6.1 per cent during the quarter compared with figures for the same quarter in 2015. Mining, electricity and water prices declined by 0.5 per cent while products of non-oil manufacturing sector fell by 7.9 per cent.


Food, beverages and textiles recorded a 1.5-per cent drop in prices, along with a 4.3-per cent decline in the transportable goods segment. Significantly, metal products, machinery and equipment prices fell by 19.2 per cent, the NCSI report said. In the food and beverages segment, fish, fruit, vegetables and oils prices fell by 0.8 per cent along with a 0.2-per cent fall in dairy products. Also, prices of beverage products declined by 0.1 per cent while prices of bakery and allied products dropped by 3.2 per cent. In contrast, textile and footwear products saw a price rise of 0.5 per cent. However, PPI inflation in the third quarter was up 3.2 per cent compared with the previous quarter, driven by a 4.6-per cent rise in prices of oil and gas products. — ONA


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