KINGSTON, Jamaica — The manufacturing sector in Jamaica saw a decrease in output prices of 0.6% for September, primarily driven by a significant 4.5% drop in prices for refined petroleum products. This downturn highlights the challenges faced by the industry, as reported by the Statistical Institute of Jamaica (STATIN) in their latest Producer Price Index.
Despite the overall decline, the food, beverages, and tobacco sector provided a slight buffer with a 0.3% increase in its index. This resilience reflects the ongoing demand for essential consumer goods amid fluctuating energy costs.
In contrast to the manufacturing sector’s struggles, the mining and quarrying industry reported a modest uptick of 0.5% in output prices during the same month. This increase was propelled by a corresponding rise in the bauxite mining and alumina processing sector, which also experienced a 0.5% boost. Additionally, the index for other mining and quarrying activities saw a slight rise of 0.1%.
Looking at the broader picture, the mining and quarrying industry has demonstrated robust growth over the past year, with a significant 8.1% increase in the point-to-point index from September 2023 to September 2024. This growth is predominantly attributed to an impressive 8.2% rise in the bauxite mining and alumina processing sector.
Conversely, the manufacturing sector’s point-to-point index has recorded a decline of 0.9% over the past year, heavily impacted by a staggering 15.1% drop in the refined petroleum products category. However, the overall decrease was somewhat alleviated by a 2.9% increase in the food, beverages, and tobacco segment, underscoring the sector’s crucial role in sustaining the industry amidst economic fluctuations.
