May 23, 2023

Agricultural producer prices fell by 3.3% month-on-month (m-o-m) and rose by 0.1% year-on-year (y-o-y). Industrial producer prices went down m-o-m (-1.2%) and went up y-o-y (+6.4%). Construction work prices were higher m-o-m (+0.3%) and y-o-y (+7.8%). Service producer prices in the business sphere increased m-o-m (+1.4%) and grew y-o-y (+6.6%).

“Prices of agricultural and industrial producers still continued in moderation of year-on-year growth. The increase of industrial producers amounted to 6.4%, but in prices of agriculture producers almost stopped at 0.1%. Construction work prices, according to an estimate, grew almost by 7.8%, year-on-year, and service producer prices in the business sphere were higher by 6.6%,” noted Vladimir Klimes, head of Industrial and International Trade Prices Statistics Unit of CZSO.

Agricultural producer prices were lower by 3.3% m-o-m. Decreasing were prices of potatoes (-10.8%), fruit (-6.7%), cereals (-6.1%), eggs (-5.7%), milk (-4.6%) and oleaginous crops (-3.4%). Prices of fresh vegetables (+17.3%) and pigs for slaughter (+3.4%) went up. Y-o-y agricultural producer prices rose by 0.1% (in March they rose by 11.6%). In crop production, prices fell for the first time since October 2020, by 12.0%. On the decrease were prices of oleaginous crops (-30.8%), fruit (-15.0%) and cereals (-11.7%). Prices of fresh vegetables (+99.6%) and potatoes (+25.4%) went up. Prices in animal products soared by 20.4%. On the increase were prices of eggs (+56.9%), poultry (+26.9%), pigs for slaughter (+26.4%), milk (+17.0%) and cattle for slaughter (+5.3%).

Prices of industrial producers went down by 1.2% m-o-m. Prices fell in ‘electricity, gas, steam and air conditioning’ (-2.5%), thereof ‘electricity, transmission and distribution services’ (-3.2%). Prices decreased in ‘coke, refined petroleum products’. Lower were prices in ‘chemicals and chemical products’ (-3.7%), ‘wood and of products of wood and cork’ (-3.3%) and ‘crude petroleum and natural gas’ (-6.1%). Prices were lower in ‘food products’ (-0.6%), thereof particularly ‘dairy products’ (-2.9%). On the increase were prices in ‘other mining and quarrying products’ (+2.9%) and ‘beverages’ (+0.5%). Prices of industrial producers increased by 6.4% (in March they grew by 10.2%), y-o-y. Prices rose in ‘electricity, gas, steam and air conditioning’ (+16.5%), ‘food products’ (+16.6%), ‘other non-metallic mineral products’ (+18.8%) and ‘coal and lignite’ (+78.9%). On the decrease were prices in ‘coke, refined petroleum products’. Prices fell also in ‘chemicals and chemical products’ (-9.8%), ‘basic metals’ (-6.1%), ‘wood and of products of wood and cork’ (-7.0%) and ‘fabricated metal products’ (-1.0%).Among the main industrial groupings, higher were particularly prices of ‘non-durable consumer goods’ (+15.5%) and ‘energy’ (+8.6%), y-o-y. Prices of industrial producers excluding energy rose by 5.7% y-o-y (in March they soared by 9.5%).

According to an estimate, construction work prices rose by 0.3% and prices of construction material and products input went down by 0.1% m-o-m. According to an estimate, y-o-y construction work prices soared by 7.8% (in March they increased by 9.0% after specification) and prices for construction material and products input grew by 6.0% (in March they were higher by 10.2%).

Service producer prices in the business sphere grew by 1.4% m-o-m due to price increases in ‘real estate services’ (+1.4%), ‘land transport services’ (+2.1%), ‘computer programming, consultancy and related services’ (+3.2%), ‘advertising and market research services’ (+4.4%) and ‘employment services’ (+5.0%). Prices for ‘warehousing and support services for transportation’ fell by 0.5%. Service producer prices in the business sphere, excluding advertising services soared by 1.2%. Service producer prices in the business sphere went up by 6.6%

y-o-y (in March they rose by 5.7%). Prices for ‘employment services’ (+25.4%), ‘computer programming, consultancy and related services’ (+9.4%), ‘postal and courier services’ (+8.0%), ‘real estate services’ (+7.0%), ‘land transport services’ (+6.2%) and ‘advertising and market research services’ (+5.6%) rose. Service producer prices in the business sphere, excluding advertising services, were higher by 6.6% (in March they increased by 5.9%).

Industrial producer prices in the EU – March 2023 (preliminary data)
According to the Eurostat News Releases, industrial producer prices decreased in March by 1.5% (in February they fell by 0.6%) in EU27, m-o-m. The largest decreases were recorded in Greece (-7.3%), Ireland (-4.6%) and Lithuania (-4.0%). Prices were lower in Germany (-2.7%), Slovakia (-1.7%), Austria (-1.5%), Czechia (-1.0%) and Poland (-0.5%). The highest increases were observed in Cyprus (+2.4%) and France (+2.0%). Industrial producer prices rose in March by 7.0% (in February they grew by 14.5%) in EU27, y-o-y. The highest increases were recorded in Hungary (+48.1%), Slovakia (+32.9%) and Latvia (+27.0%). Prices were higher in Poland (+14.3%), Austria (+11.5%), Czechia (+10.2%) and Germany (+8.1%). The largest decreases were observed in Ireland (-29.9%) and Greece (-10.8%).

Source: Czech Statistical Office
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