Industrial Producer Price Indices: December 2023
Annual comparison
When compared to December 2022, the industrial producer price index increased by 0.3 per cent. Price increases were registered in the consumer goods (5.8 per cent) and capital goods (3.7 per cent). Intermediate goods declined by 4.6 per cent. No price change occurred in the energy sector.
Industrial producer prices for the domestic market increased by 0.7 per cent. Price rises were recorded in the consumer goods (3.8 per cent) and in the capital goods (2.6 per cent). On the other hand, the intermediate goods dropped by 3.0 per cent.
The prices of goods destined to the euro area rose by 2.7 per cent while those destined to the non-euro area dropped by 1.3 per cent (Table 2).
Monthly comparison
During December 2023, the industrial producer price index decreased by 0.7 per cent when compared to November 2023. Intermediate goods dropped by 1.3 per cent while capital goods decreased by 0.8 per cent. There were no price changes in the energy and consumer goods sectors.
The domestic market price fell by 0.1 per cent due to a decrease of 0.2 per cent in the intermediate goods. No price changes were registered in the other industrial groupings.
Prices in the non-domestic markets decreased by 1.0 per cent. The prices of goods destined to the non-euro area and those destined to the euro area dropped by 1.4 per cent and 0.4 per cent, respectively (Table 3).
Chart 1. Industrial producer price index
(2015=100) for total industry
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Tables
Tables
Methodological Notes
1. The Industrial Producer Price Index (IPPI) monitors the changes in selling prices of all leading products within a sample of around 80 large enterprises which account for over 80 per cent of the total industrial turnover.
In line with Article 7 of Commission Implementing Regulation (EU) 2020/1197, this is the final news release wherein indices will be disseminated with base year 2015=100. Commencing with reference period January 2024, all indices will undergo a re-basing and re-referencing process, transitioning to the new base year of 2021=100. Consequently, direct comparisons of indices will be impractical, nonetheless percentage changes will remain a valid metric for analysis.
2. The pricing point for the monthly price collection is the 15th day of the month or the nearest trading day prior to that date.
3. The methodologies and guidelines used are set by Eurostat and the International Monetary Fund (IMF).
4. Commission Implementing Regulation 2020/1197 specifies that it is the objective of the Industrial Producer Price Index to measure the development of transaction prices from the point of view of the producer. The observed producer price is the basic price that excludes VAT and adds subsidies on products received by the producer.
5. Euro area exports are transactions between Maltese enterprises and enterprises within the euro area. The euro area includes Austria, Belgium, Cyprus, Croatia (2023), Estonia (from 2011), Finland, France, Germany, Greece, Ireland, Italy, Latvia (from 2014), Lithuania (from 2015), Luxembourg, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. These are classified as ‘non-domestic euro-area’. The ‘non-domestic non-euro area’ covers transactions between Maltese enterprises and enterprises within the non-euro area. Examples include the USA and Sweden. The latter country is in the EU but does not use the euro currency. Transactions among local resident enterprises are considered ‘domestic’.
6. The objective of Main Industrial Groupings (MIGs) is to provide an activity breakdown of industry using the internationally recognised classification of economic activities (NACE Rev. 2 Sections B, C, D and E) in terms of demand-based products: intermediate goods, energy, capital goods, durable consumer goods, and non-durable consumer goods. These regroup NACE Sections B to E and cover the following economic activities: quarrying, manufacturing, electricity and water supply.
7. Figures for the last three months are to be considered provisional and subject to revision. However, in exceptional cases, past data may also be revised.
8. The figures in this news release are unadjusted, that is, there are no working-day or seasonal adjustments. Indices are calculated using a Laspeyres-type index (2015=100). The data contained in this release is subject to revision. For an updated time-series which includes past data, please refer to the Statistical Indicators for this domain.
9. Statistics in this news release should be interpreted in context to the unprecedented developments and restrictions related to COVID-19.
| Main Industrial Grouping (MIG) | Total (Flow) |
| Intermediate goods | 34.7 |
| Energy | 14.9 |
| Capital goods | 17.6 |
| Consumer goods | 32.8 |
| Durable consumer goods | 2.0 |
| Non-durable consumer goods | 30.8 |
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13. References to this news release are to be cited appropriately. For guidance on access and re-use of data please visit our dedicated webpage.
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Industrial Producer Price Indices: December 2023
- In December 2023, the Industrial Producer Price Index increased by 0.3 per cent when compared to the same period of 2022.
- The most notable annual price change was an increase of 5.8 per cent in the consumer goods index.
- When compared to the previous month, the Industrial Producer Price Index dropped by 0.7 per cent.
Industrial Producer Price Indices: December 2023
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