: The Ministry of Finance has emphasised that the targeted rationalisation of diesel subsidies starting in June 2024 is not the main cause of the rise in costs of goods in the manufacturing sector, which led to the decline in the Purchasing Managers’ Index in July 2024.
These include factors such as weaker external demand, reduced purchasing and inventory activities by firms, and supply chain disruptions. The highest PMI reading for the manufacturing sector in 2024 was recorded at 50.2 points in May 2024 , while the lowest reading was 48.4 points in March 2024 , the ministry added.
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