May 22, 2024
Agricultural producer prices fell by 3.5% month-on-month (m-o-m) and went down by 13.4% year-on-year (y-o-y). Industrial producer prices rose by 0.2% m-o-m and were up by 1.4% y‑o‑y. Construction work prices grew by 0.2% m-o-m and were higher by 2.0% y-o-y. Service producer prices in the business sphere increased by 0.7% m-o-m and rose by 3.4% y-o-y.
“In a year-on-year comparison, prices in industry returned to growth in April after three months, now by 1.4%. Prices in agriculture went down already for the twelfth month in a row year-on-year, this time by 13.4%. Construction work prices increased by 2% year-on-year and service producer prices in the business sphere by 3.4%,” noted Vladimir Klimes, head of Industrial and International Trade Prices Statistics Unit of CZSO.
Agricultural producer prices decreased by 3.5% m-o-m. Falling prices were recorded for cereals (-0.9%), fruit (-8.7%) and potatoes (-14.1%). Rising were prices of cattle for slaughter (+2.8%), oilseeds (+1.7%), poultry (+1.6%), pigs for slaughter (+1.4%) and eggs (+1.0%). Y-o-y, agricultural producer prices decreased by 13.4% (-13.2% in March). In crop production, prices fell by 18.6%. Prices of vegetables (-21.5%), oilseeds (-13.8%) and cereals (-27.5%) were lower. Prices for fruit (+55.6%) and potatoes (+19.5%) increased. In animal production, prices went down by 7.2%. Decrease occurred in prices of eggs (-20.5%), milk (-10.1%) and poultry (-7.2%). Prices for cattle for slaughter (+4.2%) and pigs for slaughter (+0.4%) increased.
Prices of industrial producers increased by 0.2% m-o-m. Prices rose in ‘coke, refined petroleum products’. Higher were prices in ‘chemical and chemical products’ (+1.4%), ‘repair and installation services of machinery’ (+0.7%) and ‘coal and lignite’ (+1.2%). Lower were prices in ‘electricity, gas, steam and air conditioning’ (-0.1%), ‘electrical equipment’ (-0.8%), ‘other non-metallic mineral products’ (-0.3%) and ‘food products’ (-0.1%). Prices of industrial producers rose by 1.4% y-o-y (in March remained stable). On the increase were prices in ‘coke, refined petroleum products’. Prices increased in ‘electricity, gas, steam and air conditioning’ (+5.1%), ‘motor vehicles, trailers and semi trailers’ (+4.4%) and ‘repair and installation services of machinery and equipment’ (+6.0%). On the decrease were prices in ‘food products’ (-4.5%), thereof particularly ‘vegetable and animal oils and fats’ and ‘grain mill products, starches and starch products’ (‑19.7% both). Lower were prices in ‘basic metals’ (-8.2%) and ‘wood and products of wood and cork’ (-11.5%). Among the main industrial groupings, prices of ‘energy’ (+5.7%) and ‘capital goods’ (+4.1%) rose. Prices of ‘intermediate goods’ (-3.6%) fell. Prices of industrial producers excluding energy dropped by 0.4% y-o-y (-1.1% in March).
Construction work prices, as estimated, increased by 0.2% and prices of materials and products used in construction were higher by 0.1% m-o-m. According to the estimate, y‑o‑y construction work prices rose by 2.0% (the same as in March after updating). Prices of materials and products used in the construction fell by 1.5% (-1.8% in March).
Service producer prices in the business sphere increased by 0.7% m-o-m. Prices rose in ‘motion picture, video and television programme production services, sound recording and music publishing’ (+10.2%), ‘employment services’ (+2.5%) and ‘warehousing and support services for transportation’ (+1.1%). Service producer prices in the business sphere, excluding advertising services rose by 0.7%. Service producer prices in the business sphere went up by 3.4% y-o‑y (+4.1% in March). Prices rose for ‘employment services‘ (+7.7%), ‘real estate services’ (+7.4%) and ‘advertising and market research services’ (+6.0%). Prices were also higher for ‘legal and accounting services‘ (+5.8%) and ‘publishing services’ (+4.4%). Service producer prices in the business sphere, excluding advertising services, increased by 3.2% (+3.7% in March).
Industrial producer prices in the EU – March 2024 (preliminary data)
According to the Eurostat News Releases, industrial producer prices decreased in March by 0.5% (in February they went down by 1.0%), m-o-m. The largest decreases were recorded in Bulgaria (-3.4%). Prices were lower in Austria (-1.3%), Slovakia (-0.5%), Poland (-0.3%) and Czechia (-0.1%) and higher in Germany (+0.2%). The highest increases were observed in Ireland and Sweden (+0.9% both). Industrial producer prices fell in March by 7.6% (in February they went down by 8.2%) in EU27, y-o-y. The largest decreases were recorded in Slovakia (-24.6%), Ireland (-19.8%) and Belgium (-13.4%). Prices were lower in Austria (-10.3%), Poland (-9.9%) and Germany (-2.9%) and remained stable in Czechia. Increases were observed in Luxembourg (+16.5%) and Malta (+0.7%)
Source: CZSO
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