KUWAIT: Producer Price Index (PPI) dropped by 7.55 percent for the second quarter of 2017 reaching 69.8 points, compared with 75.5 points for the same period last year, said Kuwait's Central Statistical Bureau (CSB) yesterday. The index of extractive industries group decreased by 8.27 percent due to a drop in oil extraction index by 8.29, the bureau added in its periodical statistics.

The index of transformative industries group went down by 7.07 percent due to a decrease by 10.63 percent in prices of oil refining group, it noted. The bureau pointed to direct impacts of oil extraction and refining groups on extractive and transformative industries groups. Comparison between the producer price index between the second quarter of 2017 and the same period of 2016 showed a rise of 12.04 percent as extractive industry jumped by 15.54 percent due to high prices of oil extraction group by 15.36 percent, it noted.

The transformative industries group went up by 8.85 percent owning to a rise by 13.98 percent in oil refining prices, it made clear. Producer Price Index plummeted by 4.33 percent in last June compared to June of 2016 as the extractive industries group fell by 6.54 percent. The index of transformative industries group dropped as prices of oil refining group decreased by 3.14 percent, while prices of water and electricity group remained unchanged in the same period, the bureau said. - KUNA