ELSTAT: Producer Price Index in Industry down 6.6% y-o-y

Greece’s Statistical Authority announced yesterday that the Overall Producer Price Index (PPI) in industry decreased 6.6% year-on-year from December 2023 to December 2022.

The PPI, which includes the domestic and non-domestic market, decreased 7.1% from January-December 2023 compared to the same period the previous year. This stands in contrast to the change between January-December 2021 to January-December 2022 where the PPI jumped 35.1%.

The change in the PPI from December 2022 to December 2023 was driven by decreases in the domestic and non-domestic market sub-indices, which came in 7.4% and 4% lower, respectively.

Some notable reductions from the domestic market include lower electricity, gas, steam and air-conditioning supply (-15.2%) and costs related to the manufacturing of coke and refined petroleum products (-8.6%).

From the non-domestic market, the manufacturing of coke and refined petroleum products fell 11.7% and a reduction of 10.9% for rubber and plastics and 10.4% for electricity, gas, steam and air-conditioning supply.

More details on the composition of the PPI in industry and the sub-indices can be found here.

The industrial producer price index (PPI) measures price changes of goods produced in the domestic market, sold in the domestic market or are exported to the nondomestic market, from the point of view of the producers/manufacturers of a product (it is thus an output price). In this it differs from consumer price indices, which measure the prices from the point of view of consumers/buyers.