March 19, 2024
Agricultural producer prices rose by 0.7% month-on-month (m-o-m) and went down by 18.7% year-on-year (y-o-y). Industrial producer prices increased by 0.5% m-o-m and were lower by 0.9% y‑o‑y. Construction work prices grew by 0.1% m-o-m and were higher by 1.6% y-o-y. Service producer prices in the business sphere increased by 1.5% m-o-m and rose by 4.9% y-o-y.
“In a year-on-year comparison, prices in industry decreased almost by 1%. Prices in agriculture went down already for tenth month in a row year-on-year, this time nearly by 19 %. Construction work prices increased by 1.6% year-on-year and service producer prices in the business sphere by 4.9%,” noted Vladimir Klimes, head of Industrial and International Trade Prices Statistics Unit of CZSO.
Agricultural producer prices increased by 0.7% m-o-m. Rising were prices of vegetables (+28.8%), fruit (+19.6%), cattle for slaughter (+1.9%) and milk (+0.5%). Falling prices were recorded for oilseeds (-0.3%), poultry (-0.4%), cereals (-0.5%), pigs for slaughter (-1.0%), potatoes (-1.3%) and eggs (-2.7%). Y-o-y, agricultural producer prices were lower by 18.7% (‑19.8% in January). In crop production, prices fell by 23.7%. Prices for oilseeds (-25.4%) and cereals (-34.1%) were lower. Prices of fruit (+60.8%), vegetables (+27.4%) and potatoes (+25.2%) increased. In animal production, prices were lower by 13.0%. Decrease occurred in prices of eggs (‑27.1%), milk (‑18.0%), poultry (-9.5%) and cattle for slaughter (-0.8%). Prices of pigs for slaughter were higher (+2.3%).
Prices of industrial producers were higher by 0.5% m-o-m. Prices went up primarily in ‘coke, refined petroleum products’. On the increase were prices in ‘chemicals and chemical products’ (+3.8%), ‘motor vehicles, trailers and semi-trailers’ (+1.3%) and ‘coal and lignite’ (+2.6%). Prices were lower in ‘electricity, gas, steam and air conditioning’ (-0.7%), there of ‘electricity, transmission and distribution services’ (-0.9%). On the decrease were prices in ‘fabricated metal products, except machinery and equipment’ (-0.4%), ‘beverages’ (-0.6%) and ‘food products’ (‑0.2%), thereof ‘grain mill products, starches and starch products’ (-2.1%). Prices of industrial producers decreased by 0.9% y-o-y (in January they decreased by 1.8%). Prices fell in ‘food products’ (-5.9%), ‘basic metals’ (-10.3%), ‘chemicals and chemical products’ (-10.6%) and ‘wood and products of wood and cork’ (-15.2%). Prices rose in ‘motor vehicles, trailers and semi trailers’ (+4.0%) and ‘repair and installation services of machinery and equipment’ (+4.7%). Prices were higher in ‘electricity, gas, steam and air conditioning’ (+0.7%), thereof ‘manufactured gas; distribution services of gaseous fuels through mains’ (+41.1%), on the other hand, prices went down in ‘electricity, transmission and distribution services’ (-2.9%). Among the main industrial groupings, prices of ‘intermediate goods’ (-5.5%) and ‘non-durable consumer goods’ (-1.3%) fell. Prices of energy’ (+0.7%) rose. Prices of industrial producers excluding energy dropped by 1.7% y-o-y (like in January).
Construction work prices, as estimated, and prices of construction materials and products input increased equally by 0.1% m-o-m. According to the estimate, y-o-y construction work prices rose by 1.6% (+2.0% in January). Prices for construction materials and products input fell by 1.9% (-1.1% in January).
Service producer prices in the business sphere increased by 1.5% m-o-m due to rising prices for ‘advertising and market research services’ (+12.6%), ‘employment services‘ (+4.6%) and ‘real estate services‘ (+2.2%). Prices for ‘computer programming, consultancy and related services’, ‘insurance, reinsurance and pension funding services, except compulsory social security’ and ‘rental and leasing services’ rose equally by 1.0%. Service producer prices in the business sphere, excluding advertising services rose by 0.7%. Service producer prices in the business sphere went up by 4.9% y-o‑y (+4.6% in January). Prices for ‘advertising and market research services’ (+14.1%), ‘employment services‘ (+12.8%), ‘real estate services‘ (+7.9%), ‘postal and courier services’ (+6.8%), ‘legal and accounting services‘ (+6.1%) and ‘services of head offices; management consulting services‘ (+5.1%) were higher. Service producer prices in the business sphere, excluding advertising services, increased by 4.3% (+4.0% in January).
Industrial producer prices in the EU – January 2024 (preliminary data)
According to the Eurostat News Releases, industrial producer prices decreased in January by 0.9% (in December they fell by 0.8%) in EU27, m-o-m. The largest monthly decreases were recorded in Slovakia (-14.3%), Poland (-3.0%) and Austria (-2.2%). Prices rose in Czechia (+2.5%) and Germany (+0.2%). The higher increases were observed in Estonia (+5.3%), Ireland (+4.0%). Industrial producer prices fell in January by 8.4% (in December they went down by 10.0%) in EU27, y-o-y. Prices decreased particularly in Ireland (-21.5%) and Bulgaria (-17.8%). Prices were lower in Slovakia (-12.1%), Austria (-11.7%), Poland (-11.0%), Germany (-4.5%) and Czechia (-1.8%). The highest increase was observed in Luxembourg (+15.0%).
Source: Czech Statistical Office
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