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Producer price index manufacturing (ppi-m) 1st Quarter 2008


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PRODUCER PRICE INDEX - MANUFACTURING (PPI-M)

1st Quarter 2008
1. Introduction

The Producer Price Index (PPI-M) measures changes in the effective prices received by producers of the Manufacturing sector (excluding establishments formerly operating with Export Enterprise Certificate) for that part of their output, which is sold on the domestic market. It reflects the price trends of a constant basket of goods, representative of the output of these manufacturing industries.

This issue of the "Economic and Social Indicators" presents a series of PPI-M from 2003 to March 2008, broken down by 16 Divisions (2-digits level of the National Standard Industrial Classification of Economic Activities, NSIC) with weights based on the results of the 2002 Census of Economic Activities, and using year 2003 as base period. Indices for the Divisions 15 and 16, “Manufacture of food products, beverages and tobacco”, have been further subdivided by product group and are given separately in Tables 5 to 8. Tables 9a and 10a present the monthly indices as well as the quarterly and yearly averages for the manufacturing sector and the group “Manufacture of food products, beverages and tobacco” respectively. Comparative monthly indices for the manufacturing sector and the “Food, beverages and tobacco” sub sector are given in tables 9b and 10b respectively. The methodology used for the calculation of the index is given in annex.

2. Producer Price Index (Year 2003 = 100)

2.1 Monthly index

The Producer Price Index, which stood at 153.9 in December 2007 increased by 6.1% to reach 163.3 in March 2008, following increases of 4.5% for the month of January, 0.7% for February and 0.8% for March 2008 (Table 1).

The 4.5% increase in the overall index in January was due to increases in the sub-indices of “Manufacture of food products, beverages and tobacco” (+7.8%), “Manufacture of textiles” (+6.5%) and “Manufacture of other non-metallic mineral products” (+9.3%), partly offset by decreases in “Manufacture of basic metal” (-3.1%) and “Manufacture of fabricated metal products” (-0.9%). The increase in the sub-index of “Food products, beverages and tobacco”, which accounts for nearly 50% of the overall weight, was mainly the effect of price increases of “Production, processing and preservation of meat and meat products” (+2.2%), “Manufacture of grain mill products” (+47.9%) and “Soft drinks” (+12.5%).

In February, the overall index rose by 0.7% largely due to increases in the sub-indices of “Manufacture of food products, beverages and tobacco” (+1.4%) and “Manufacture of furniture and manufacturing n.e.c” (+0.5%). The 1.4% increase in the sub-index of “Manufacture of food products, beverages and tobacco” was due to increases in the “Production, processing and preservation of meat and meat products” (+1.4%) and in the “Manufacture of prepared animal feeds” (+16.0%), partly offset by to a decrease in the “Manufacture of grain mill products” (-3.6%).

The index registered an increase of 0.8% in March mainly due to increases in “Manufacture of food products beverages and tobacco” (+1.4%), “Manufacture of chemicals and chemical products” (+0.2%) and “Manufacture of basic metals” (+1.6%).The 1.4% increase in “Manufacture of food products beverages and tobacco” was the result of increases in the sub-indices of “Production, processing and preservation of meat and meat products” (+2.4%) and “Manufacture of vegetable and animal oils and fats” (+15.4%), partly offset by to a decrease in “Manufacture of grain mill products” (-1.5%).

The evolution of the monthly index by NSIC group for the period 2003 to 2007 is shown in Tables 2, 3, 6 and 7.



2.2 Quarterly Index

Table 4 gives the evolution of the Producer Price Index on a quarterly basis, the quarterly index being computed as the arithmetic mean of the monthly indices. The index which worked out to 153.0 in the fourth quarter of 2007 went up by 5.9% to reach 162.0 in the first quarter of 2008. This 5.9% growth was mainly due to increases in the sub-indices of “Manufacture of food products, beverages and tobacco” (+10.6%) and “Manufacture of other non-metallic products” (+9.3%).

Within “Food products, beverages and tobacco”, “Food products” rose by 13.2%, mostly explained by higher prices of “Production, processing and preservation of meat and meat products” (+4.9%), “Manufacture of grain mill products” (+42.6%) and “Manufacture of prepared animal feeds” (+13.8%), whilst “Beverages and tobacco” rose by 4.8% mainly due to higher prices of “Soft drinks” (+16.3%). Details of changes are shown in Table 8.

Compared to the corresponding quarter of 2007, the overall index for the first quarter of 2008 went up by 17.7%. This was mostly due to increases in the sub-indices of “Manufacture of food products, beverages and tobacco” (+24.5%), “Manufacture of chemicals and chemical products” (+14.0%), “Manufacture of other non-metallic mineral products” (+14.7%), “Manufacture of basic metals” (+30.5%) and “Polishing, printing and reproduction of recorded media” (+5.6%). Other details of changes are shown in Table 4.

Within “Manufacture of food products, beverages and tobacco”, “Food products” increased by 29.7% and “Beverages and tobacco” went up by 13.3%. At a more detailed level, increases were noted in the prices of preservation of meat and meat products (+21.4%), grain mill products (+90.1%), prepared animal feeds (+20.7%) and soft drinks (+25.6%). Other details on changes that have occurred during that period are given in Tables 4 and 8.

Central Statistics Office.


Ministry of Finance and Economic Development

PORT LOUIS


June 2008


Contact Persons:

Mrs. F. Koussa (Statistician) or Mr. G.G Chandydyal (SSO)

Statistics Unit

Ministry of Industry, Small and Medium Enterprises, Commerce and Cooperatives (Industry and SME Division)

5th Floor, Air Mauritius Bldg., Port-Louis

Tel. 211 7799 Fax: 212 8429





ANNEX
Methodology used in the computation of the Producer Price Index (PPI-M)

1. Scope


The PPI-M covers all large manufacturing establishments (that is those employing 10 or more persons) falling in divisions 15 to 37 of the National Standard Industrial Classification of Economic Activities (NSIC), whose output is mainly sold on the domestic market.

2. Weighting Scheme


The weights have been calculated from the gross output figures derived from the 2002 Census of Economic Activities. Gross output is valued at basic prices, and thus excludes all taxes on products, namely excise duties and value added tax. The weight of a product group represents the share of its gross output out of the total output of the sector.

In the case of sugar, only the sale on the local market has been taken into consideration in establishing the weights.


3. Price collection


Prices collected refer to the prices received by producers for the sale of their products on the local market. The prices exclude all taxes on products, namely excise duty and value added tax.

Selected industries are visited on a quarterly basis, but prices are collected for each month of the quarter.


4. Reference Year


The reference year for the calculation of price relatives is 2003. The base price for a particular product is the arithmetic mean of the 12 monthly prices in 2003.

5. Index Calculation


The PPI-M is calculated at the 5-digits level of NSIC. Indices at the Division level (2 digits NSIC) are then derived as a weighted average of the indices of the products falling within each division. Finally, the overall index for manufacturing is obtained as a weighted average of the Division indices.

The PPI is calculated according to a modified Laspeyre’s formula, which is the weighted average of price relatives.




where Ic = Index for current month

Wi = Weight associated with product i

Pci = Price of product i for the current month

Poi = Price for product i for the reference period (2003)






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