November 17, 2023

Producer price indices – October 2023

Year-on-year decline in agricultural producer prices moderated in Czech Republic

Agricultural producer prices rose by 4.2% month-on-month (m-om) and dropped by 9.7% year-on-year (y-o-y). Industrial producer prices decreased by 0.1% m-o-m and went up by 0.2% y‑o‑y. Construction prices increased by 0.2% m-o-m and by 3.6% y-o-y. Producer prices of business services rose by 0.3% m-o-m and by 5.3% y-o-y.

“In a year-on-year comparison, prices in agriculture decreased almost by 10%. Industrial producer price rose only by 0.2%, construction work prices, according to an estimate, more than by 3.5% and service producer prices in the business sphere over 5%,” noted Vladimir Klimes, head of Industrial and International Trade Prices Statistics Unit of CZSO.

Agricultural producer prices increased by 4.2% m-o-m¹⁾. Rising were prices of apples (+13.5%), milk (+0.7%) and eggs (+0.5%). Prices of cereals (-1.2%), pigs for slaughter (-2.0%), cattle for slaughter (-2.3%), poultry (-5.5%) and potatoes (-16.9%) dropped. Y-o-y agricultural producer prices were lower by 9.7% (-13.4% in September). Prices in the crop production fell by 10.0%. Decrease was recorded for prices of oilseeds crops (-34.9%) and cereals (-34.5%). Prices of fresh vegetables (+7.3%), fruit (+27.4%) and potatoes (+41.9%) went up. Prices in animal production fell by 9.4%. Decrease occurred in prices of milk (-18.0%), poultry (-5.6%) and cattle for slaughter (-2.4%). Prices of pigs for slaughter were higher (+8.8%).

Prices of industrial producers went down by 0.1% m-o-m. Prices fell primarily particularly in ‘coke, refined petroleum products’. Prices were lower in ‘electricity, gas, steam and air conditioning’ (-0.4%) and ‘other non-metallic mineral products’ (-0.8%). On the decrease were prices in ‘food products’ (-0.7%), thereof ‘preserved meat and meat products’ (-1.0%), ‘prepared animal feeds’ (-2.5%) and ‘grain mill products, starches and starch products’ (-2.6%). Prices were higher in ‘chemicals and chemical products’ (+4.7%) and ‘crude petroleum and natural gas’ (+3.6%). Prices also rose in ‘coal and lignite’ and ‘motor vehicles, trailers and semi-trailers’ (+0.5% both). Prices of industrial producers rose by 0.2% (in September they grew by 0.8%), y-o-y. Prices went up in ‘electricity, gas, steam and air conditioning’ (+7.0%), ‘coal and lignite’ (+62.4%), ‘motor vehicles, trailers and semi-trailers’ (+3.9%) and ‘repair and installation services of machinery and equipment’ (+9.4%). On the decrease were prices in ‘coke, refined petroleum products’, ‘basic metals’ (-15.6%), ‘wood and of products of wood and cork’ (-22.9%), ‘chemicals and chemical products’ (-10.6%) and ‘food products’ (-1.9%). Among the main industrial groupings, prices of ‘capital goods’ (+4.5%) and ‘energy’ (+3.0%) rose primarily, y-o-y. On the decrease were only prices of ‘intermediate goods’ (-6.0%). Prices of industrial producers excluding energy fell by 0.8% y-o-y (in September they went down by 0.2%).

According to the estimate, construction work prices rose by 0.2% and prices of construction material and products input went down by 0.5% m-o-m. According to the estimate, y-o-y construction work prices rose by 3.6% (+4.0% in September after updating) and prices for construction material and products input fell by 0.7% (-0.1% in September).

Service producer prices in the business sphere increased by 0.3% m-o-m. Prices for ‘advertising and market research services’ (+3.6%) and ‘legal and accounting services’ (+1.9%) rose. Prices for ‘architectural and engineering services’ (-0.8%), ‘employment services’ (-0.6%) and ‘management consultancy services’ (-0.6%) fell. Service producer prices in the business sphere, excluding advertising services rose by 0.1%. Service producer prices in the business sphere went up by 5.3% y-o-y (+5.1% in September). Prices for ‘employment services’ (+20.9%), ‘postal and courier services’ (+13.2%), ‘computer programming, consultancy and related services’ (+7.5%), ‘real estate services’ (+6.7%) and ‘advertising and market research services’ (+4.2%) rose. Service producer prices in the business sphere, excluding advertising services, were higher by 5.4% (+5.5% in September).

Industrial producer prices in the EU – September 2023 (preliminary data)
According to the Eurostat News Releases, industrial producer prices increased in September by 0.6% (in August they rose by 0.5%) in EU27, m-o-m. The highest increase was recorded in Luxembourg (+28.5%). Prices were higher in Slovakia (+0.6%), Austria (+0.4%) and Czechia (+0.3%). Prices decreased only in Finland (-0.9%), Cyprus and Poland (-0.3% both) and Germany (-0.2%) m-o-m. Industrial producer prices fell in September by 11.2% (in August they went down by 10.5%) in EU27, y-o-y. The largest decreases were observed in Ireland (-38.9%), Bulgaria (-32.0%) and Italy (-18.3%). Prices were lower in Germany (-14.7%), Austria (-5.7%) and Poland (-2.5%). The highest increases were recorded in Luxembourg (+23.8%) and Hungary (+7.1%). Prices also rose in Slovakia (+1.4%) and Czechia (+0.8%).

Source: CZSO
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