Ministry of Development Planning and Statistics (MDPS) announced in a report that the Producer Price Index (PPI) of the Industrial sector declined by 28.9% year-on-year (y/y) in December 2014.

Moreover, PPI also registered a decrease by 10.6% in December 2014, compared to figures from November 2014.  

The report showed decline in mining group, which represents 77% of the industrial sector, by 11.0% month-on-month (m/m) due to a decrease in crude oil and natural gas group by same percentage.

There was also a m/m drop in the groups of refined petroleum products, basic metals, grain mill and other products by 9.2%, 5.9% and 0.8% respectively m/m. 

Meanwhile, the groups of dairy products, and cement and other non-metallic products gained 1.1% and 0.6% respectively during the same period.