Industrial producer prices, which refer to the prices that producers receive for the products they make, increased by 2.4% in Cyprus in March 2023 compared to the previous month, according to the statistical office of the European Union, Eurostat. Meanwhile, prices decreased by 1.6% in the eurozone and by 1.5% in the EU during the same period. Compared to March 2022, industrial producer prices rose by 18.7% in Cyprus, by 5.9% in the euro area and by 7.0% in the EU.
Looking at the different types of industrial goods, capital goods and durable consumer goods saw price increases in the eurozone in March 2023, while energy and intermediate goods experienced price drops. Non-durable consumer goods, such as food, beverages, personal care products, cleaning supplies, and clothing, had the largest annual increase in price in the eurozone in March 2023, with a 13.4% increase.
In terms of the countries with the largest changes in industrial producer prices, Greece, Ireland, and Lithuania saw the largest monthly decreases, while Cyprus, France, and Croatia saw the highest monthly increases. Hungary, Slovakia, and Latvia had the highest annual increases, while Ireland, Greece, Portugal, and Spain saw decreases.
Overall, Cyprus is experiencing a higher rate of increase in industrial producer prices compared to other countries in the eurozone and the EU.
[With information from CNA]