Qatar’s PPI drops 30% y/y in April

By bne IntelliNews June 29, 2016

Qatar’s producer price index contracted 29.6% y/y in April, narrowing from a 33% annual deflation the preceding month, amid falling costs in all sectors except utilities, the statistics office said on June 29.

In monthly terms, however, Qatar’s PPI grew 1.6% in April, reversing a 1.9% m/m contraction in March. The monthly expansion is the first in over ten months amid slightly recovering oil prices and the gradually fading low base effects.

Falling production charges in Qatar have curbed the CPI inflation over the past 17 months despite strong inflationary pressures amid aggressive public spending. Qatar’s CPI inflation cooled to 2.6% y/y in May from 3.4% y/y the preceding month on falling food prices and lower entertainment costs.

Producer prices in the mining and quarrying sector (77% of the index) dropped 35% y/y albeit rising 1.1% m/m in April on contracting producer charges in the crude oil and natural gas sector (down 35.4% y/y) that largely offset a 0.5% y/y rise in the charges of stone, sand and clay.

Utility prices grew 2.1% y/y in April but shrank 1.6% m/m. Water costs grew 2.7% y/y and those of electricity energy grew 1.5% y/y.

The manufacturing sector's PPI (21% of the basket) declined 18% y/y in April but expanded 2.4% m/m on higher energy costs in monthly terms.

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