In August 2023, the Producer Price inflation rate saw a notable decrease, falling from the 32.9% recorded in July to 28.3%, marking a 4.6% point reduction.
Breaking down the sectors, the Industry sector experienced a modest decline, decreasing by 0.6% to reach 30.6% in August.
Meanwhile, in the construction sector, there was an increase of 6.8%, leading to a rate of 24.6% for the same month.
In contrast, the Services sector maintained a steady rate of 15%.
The Government Statistician, in a released statement, attributed this overall decrease to specific sectors. Electricity and gas recorded the highest rate at 68.3%, followed by Transportation and storage at 37.3%.
The Mining and Quarrying sub-sector, on the other hand, saw a slight decline of 0.3 percentage points, resulting in a rate of 32.8% in August 2023.
Accommodation and food recorded an inflation rate of 27.0%, while the Manufacturing sub-sector experienced a 1.0 percentage point decline, settling at 23.5%.
Additionally, the Water Supply, Sewerage, and Waste Management Sub-sector registered an inflation rate of 38.1%, and Information and Communication recorded a rate of 11.0%.