September 19, 2023
Agricultural producer prices fell by 4.5% month-on-month (m-o-m) and decreased by 16.4% year-on-year (y-o-y). Industrial producer prices went up m-o-m (+0.2%) and were higher y-o-y (+1.8%). Construction work prices were higher m-o-m (+0.1%) and y-o-y (+3.7%). Service producer prices in the business sphere grew m-o-m (+0.6%) and rose y-o-y (+5.3%).
“In August, prices in industry increased by less than 2%, year-on-year, and their growth continued moderately. Year-on-year prices in agriculture decreased already the fourth month in a row, this time more than by 16%. Construction work prices, according to an estimate, went up almost by 4%, year-on-year, and service producer prices in the business sphere went up more than 5%,” noted Vladimir Klimes, head of Industrial and International Trade Prices Statistics Unit of CZSO.
Agricultural producer prices were lower by 4.5% m-o-m. Decreasing were prices of vegetables (-12.6%), potatoes (-10.3%), eggs (-6.9%), cereals (-5.6%), milk (-3.9%) and poultry (-3.8%). Prices of pigs for slaughter (+1.3%) and cattle for slaughter (+0.4%) went up. Y-o-y agricultural producer prices were lower by 16.4% (in July they dropped by 14.3%). Prices in the crop production fell by 26.2%. On the decrease were prices of oleaginous crops (-34.9%) and cereals (-32.3%). Prices of fresh vegetables (+17.7%) and potatoes (+82.5%) went up. Prices in animal products soared by 2.4%. On the decrease were prices of milk (-13.1%), poultry (-2.5%) and cattle for slaughter (-1.5%). Increasing were prices of pigs for slaughter (+29.6%) and eggs (+19.0%).
Prices of industrial producers went up by 0.2% m-o-m (after six months of decreases). The rate of growth was influenced primarily by the price increasing in ‘coke, refined petroleum products’. Prices rose in ‘motor vehicles, trailers and semi-trailers’ (+0.5%) and ‘fabricated metal products except machinery and equipment’ (+0.4%). Prices fell in ‘food products’ (-0.8%), thereof ‘dairy products’ (-1.6%) and ‘vegetable and animal oils and fats’ (-3.6%). Prices decreased in ‘electricity, gas, steam and air conditioning’ (-0.4%), ‘basic metals’ (-2.0%) and ‘chemicals and chemical products’ (-1.5%). Prices of industrial producers increased by 1.8% (in July they grew by 1.4%), y-o-y. Prices rose in ‘electricity, gas, steam and air conditioning’ (+11.7%), ‘coal and lignite’ (+73.1%), ‘other non-metallic mineral products’ (+9.9%), ‘food products’ (+3.3%) and ‘motor vehicles, trailers and semi-trailers’ (+3.1%). On the decrease were prices in ‘coke, refined petroleum products’, ‘chemicals and chemical products’ (-19.4%), ‘basic metals’ (-15.3%) and ‘wood and of products of wood and cork’ (-19.4%). Among the main industrial groupings, higher were prices of ‘non-durable consumer goods’ (+6.9%) and ‘energy’ (+6.6%), y-o-y. On the decrease were prices of ‘intermediate goods’ (-6.1%). Prices of industrial producers excluding energy fell by 0.1% y-o-y (in July they soared by 0.4%).
According to an estimate, construction work prices rose by 0.1% and prices of construction material and products input went down by 0.3% m-o-m. According to an estimate, y-o-y construction work prices soared by 3.7% (in July they increased by 4.8%) and prices for construction material and products input grew by 0.2% (in July they rose by 0.9%).
Service producer prices in the business sphere increased by 0.6% m-o-m. Price increases were recorded in ‘advertising and market research services’ by 7.0%. Prices for ‘legal and accounting services’ (+1.4%) and ‘land transport services’ (+0.5%) grew. Prices of ‘management consulting services’ fell by 0.5%. Service producer prices in the business sphere, excluding advertising services rose by 0.2%. Service producer prices in the business sphere went up by 5.3% y-o-y (in July they rose by 5.6%). Prices for ‘employment services’ (+22.8%), ‘computer programming, consultancy and related services’ (+8.5%), ‘real estate services’ (+6.9%) and ‘land transport services’ (+3.4%) rose. Service producer prices in the business sphere, excluding advertising services, were higher by 5.7% (in July they soared by 5.8%).
Industrial producer prices in the EU – July 2023 (preliminary data)
According to the Eurostat News Releases, industrial producer prices decreased in July by 0.6% (in June they fell by 0.4%) in EU27, m-o-m. The largest decreases were recorded in Ireland
(-8.1%), the Netherlands (-2.6%) and Sweden (-1.8%). Prices were lower in Poland (-1.3%), Germany (-1.0%), Austria (-0.9%) and Czechia (-0.1%). The highest increases were observed in Latvia (+2.2%), Slovakia (+1.7%) and Croatia (+1.3%). Industrial producer prices fell in July by 6.6% (in June they went down by 2.4%) in EU27, y-o-y. The largest decreases were recorded in Ireland (-39.5%), Bulgaria (-18.1%) and Italy (-13.8%). Prices were lower in Germany (-5.8%), Austria (-1.4%) and Poland (-0.6%). The highest increases were observed in Hungary (+18.8%) and Slovakia (+17.8%). Prices went up in Czechia (+1.4%).
Source: Czech Statistical Office
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