The IDEX Polished Price Index is indicating a shift in direction, finally on the rise after a prolonged and steady decline since its post-COVID peak in March 2022, according to IDEX Online.
The last two months of 2023 marked the initial signs of recovery. December, in particular, witnessed the first month-on-month price increase for all sizes up to 5-cts in nearly two years.
In 2023, the monthly Index averaged a 16% decline from January to December, compared to 7.5% in 2022. The Index has returned to its 2020 levels after reaching its highest point in over a decade in 2022, only to plummet with the onset of Russia’s invasion of Ukraine.
Maintaining the momentum from November, the Index climbed 1.21% in December, reversing a trend of almost two years of decline. Month-to-month prices increased by 1.9% – the first rise since March 2022. Year-to-year prices, which hit a low point in October, showed signs of improvement, with a decrease of 17% in December.
December also saw an increase in month-to-month prices for all sizes, with the most significant rise observed for 1.0-cts, up by 2.9%. While year-to-year prices dropped across all sizes in December, the decline was less severe than the previous month. Smaller goods (0.50-cts to 1.5-cts) experienced around a 20% decrease, while 3.0-cts to 5.0-cts averaged drops closer to 5%. Overall, prices for all sizes showed an increase in December, signaling a positive turn after months of decline.
Read the full analysis here.
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