In September, Jamaica’s manufacturing industry experienced a 0.6 percent dip in output prices, predominantly influenced by a sharp 4.5 percent decline in the refined petroleum products category.
Despite this setback, the sector found some stability as the food, beverages, and tobacco segment posted a slight increase of 0.3 percent, showcasing its resilience against broader economic fluctuations.
This analysis comes from the most recent Producer Price Index report released by the Statistical Institute of Jamaica (STATIN) on Friday. Notably, the mining and quarrying sector bucked the trend with a 0.5 percent rise in output prices for the month, largely due to an equivalent increase in bauxite mining and alumina processing activities.
In addition, the report indicated a minor increase of 0.1 percent in other mining and quarrying categories, contributing to the positive performance in this sector.
Over the one-year period from September 2023 to September 2024, the mining and quarrying industry enjoyed an 8.1 percent increase in its point-to-point index, driven by an 8.2 percent rise in bauxite and alumina-related activities.
Conversely, the manufacturing sector saw a 0.9 percent decline in its year-on-year index, with the significant 15.1 percent drop in refined petroleum products overshadowing gains in other areas. However, the food, beverages, and tobacco sector’s resilience, reflected in a 2.9 percent increase, has provided some necessary support amid the overall challenges faced by manufacturers.
