Qatar's producers' price index (PPI), which captures the price pressure felt by the producers of goods and services, shrank 5.8% month-on-month in October 2022, according to the official estimates.
The decline in the country's PPI on a monthly basis has been more due to the hydrocarbons and certain manufacturing businesses such as refined petroleum products, according to figures released by the Planning and Statistics Authority (PSA).
However, Qatar's PPI was seen surging 19.85% on an annualised basis this October.
The PSA had released a new PPI series in late 2015. With a base of 2013, it draws on an updated sampling frame and new weights. The previous sampling frame dates from 2006, when the Qatari economy was much smaller than today and the range of products made domestically much narrower.
The hardening of the global crude oil and industrial input prices, on account of higher inflation and interest rates, had its reflection on the PPI on an annualised basis.
The mining PPI, which carries the maximum weight of 82.46%, reported a 6.59% shrinkage month-on-month in October 2022 as the average selling price of crude petroleum and natural gas was seen plummeting 6.59%.
However, the mining PPI soared 23.86% year-on-year this October as the average selling price of crude petroleum and natural gas shot up 23.88% and that of stone, sand and clay by 8.78%.
The manufacturing sector PPI, which has a weight of 15.85% in the basket, shrank 0.84% on a monthly basis in October 2022 due to a 3.73% plunge in the average price of refined petroleum products, 1.86% in basic metals and 0.71% in rubber and plastics products.
Nevertheless, there was a 0.1% increase in the average price of food products, 0.05% in chemicals and chemical related products, and 0.01% each in beverages and cement and other non-metallic mineral products.
The manufacturing PPI was down 0.42% year-on-year in October 2022 on account of a 6.31% slump in the average price of chemicals and chemical related products and 3.49% in printing and reproduction of recorded media.
However, there was a 23.21% surge in the average price of rubber and plastics products, 13.11% in refined petroleum products, 7.45% in basic metals, 5.22% in cement and other non-metallic mineral products, 3.22% in food products and 1.06% in beverages.
The index of electricity, gas, steam and air conditioning supply reported 3.73% and 6.9% increase on monthly and yearly basis respectively this October.
The index of water supply was seen declining 1.42% and 4.06% month-on-month and year-on-year respectively in October 2022.