Mining and quarrying, manufacturing industries make modest monthly gain, but down point to point

Business

Mining and quarrying, manufacturing industries make modest monthly gain, but down point to point

Wednesday, July 01, 2020

Print this page Email A Friend!


THE Statistical Institute of Jamaica (STATIN) is reporting that the Producer Price Index (PPI) for the mining and quarrying industry increased by 2.3 per cent for May 2020.

It is the latest report on the indicators of the Jamaican economy, STATIN said in a release issued yesterday (June 30) that this upward movement was mainly due to an increase of 2.4 per cent in the index for the major group that is bauxite mining and alumina processing. The index for the other major group in this industry – other mining and quarrying – rose by 0.3 per cent.

The index for the manufacturing industry increased by 0.2 per cent. The main contributors to this increase were the major groups of food, beverages and tobacco, which moved up by 0.6 per cent, and wood and wood products and furniture up by 3.3 per cent.

However, these increases were tempered by the 1.8 per cent fall in the index for the major group of refined petroleum products.

For the period May 2019 - May 2020 the point-to-point index for the mining and quarrying industry decreased by 17.3 per cent, due mainly to a decline of 18.0 per cent in the index for the major group bauxite and alumina processing. The point-to-point index for the manufacturing industry decreased by 1.9 per cent.

For the 2020-2021 fiscal year to date, April 2020 - May 2020, the index for the mining and quarrying industry increased by 2.3 per cent, while the index for the manufacturing industry recorded an upward movement of 0.2 per cent.

“In calculating the PPI for the current period, the average exchange rate for the previous month was used. The assumption is that producers would not have purchased their raw materials in the current month,” STATIN stated in its release.


Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaper-login


ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT