PPI Hikes in Oman During Q1

The Sultanate of Oman's producer price index in the first quarter of 2023 recorded an increase of one%, compared to the same period in 2022, according to data issued by the National Center for Statistics and Information. Prices of oil and gas products led this increase, registering a growth of 2%, while non-oil products recorded a decrease of 4%. The increase in the prices of oil and gas products is attributed to the rise in the prices of crude oil products and natural gas by 2.8%, while refined oil products decreased by 2.9%.

The decrease in the prices of non-oil products is due to the decline in the prices of the manufacturing industries group by 5.5%, in which most of the prices of the sub-groups decreased in varying proportions, as the prices of metal products, machinery and equipment decreased by 13.5%, and the prices of other transportable commodities products by 3.1%. In the food, beverage and textile products group, the prices of beverages increased by 8.5%, the prices of woven fabric products by 35%, shoes by 1.8%, bakery products and other food products by 2.3%. The prices of dairy products decreased by 0.5%, and the prices of clothing products were stable.

In transportable goods, the prices of chemical products decreased by 5.8%, glass, cement and marble products by 1.6%, dyes and pharmaceutical products by 0.4%, furniture products and other goods by 0.3%, and re-melted iron waste products by 1%. Prices of rubber and plastic products increased by 2.2%. In metal products, machinery and equipment, the prices of iron, steel or aluminum ore and products decreased by 21.4%, the prices of power transformers, electricity distribution and connection devices, and cables by 11.5%, empty compressed cylinders by 7.1%, and the prices of air conditioning units and car oil filters by 0.2%. Products made of iron, steel, or aluminum increased by 2.4% and water heaters by 2.9%. On the other hand, the prices of the mining, electricity and water group increased by 1.7% due to the increase in the prices of the sub-groups represented in mineral ores by 45.1%, and stones and sands by 13.8%.