Qatar's producers' price index (PPI) surged 70.88% year-on-year in May 2022, mainly on the back of the country's hydrocarbons sector and certain manufacturing businesses such as refined petroleum products, chemicals, basic metals and rubber and plastics, according to the official estimates.
Qatar's PPI, which captures the price pressure felt by the producers of goods and services, rose 2.76% on a monthly basis in the review period, the figures released by the Planning and Statistics Authority (PSA) said.
The PSA had released a new PPI series in late 2015. With a base of 2013, it draws on an updated sampling frame and new weights. The previous sampling frame dates from 2006, when the Qatari economy was much smaller than today and the range of products made domestically much narrower.
The hardening of the global crude oil and industrial input prices, on account of higher inflation and interest rates, had its reflection in the PPI.
The mining PPI, which carries the maximum weight of 82.46%, reported a 79.21% surge on an annualised basis in May 2022 as the average selling price of crude petroleum and natural gas was seen soaring 79.33% and that of stone, sand and clay by 8.66%.
The mining PPI escalated 3.58% on a monthly basis in May this year on the back of a 3.58% jump in the average selling price of crude petroleum and natural gas, even as there was a 4.25% decline in stone, sand and clay.
The manufacturing sector PPI, which has a weight of 15.85% in the basket, zoomed 41.62% year-on-year in May 2022 due to a 57.5% escalation in the average price of refined petroleum products, 45.39% in chemicals and chemical products, 36.57% in rubber and plastics products, 33.61% in basic metals, 13.93% in cement and other non-metallic mineral products and 1.78% in food products.
However, there was a 4.44% decline in the average price of printing and reproduction of recorded media and 0.79% in beverages.
The manufacturing sector PPI saw a monthly 0.7% dip this May as the average selling price of chemicals and chemical related products shrank 2.17%, beverages (0.44%) and cement and other non-metallic mineral products (0.01%).
Nevertheless, there was a 6.99% expansion in the average price of rubber and plastics products, 2.29% in basic metals, 1.92% in refined petroleum products and 0.82% in printing and reproduction of recorded media.
The index of electricity, gas, steam and air conditioning supply reported 1.64% increase on a yearly basis but saw a 13.18% decline month-on-month this May.
The index of water supply saw 3.36% weakened on an annualised basis but reported a 2.48% jump month-on-month in May 2022.