Producer price indices - August 2004
The highest price increase of industrial producers in 11 years
Publication Date: 14. 09. 2004
Product Code: r-7001-04
Month-on-month comparison:
Agricultural producer prices fell by 4.2%. Marked price decreases were reported for oil seeds (-9.4%), vegetables (-15.6%) and cereals (-16.5%), also for potatoes, poultry and eggs. On the other hand, prices of pigs for slaughter, cattle for slaughter and milk grew.
Industrial producer prices rose by 0.9% (0.8% in July). The main factor were further price increases in ‘basic metals and fabricated metal products‘ (+3.4%) and in ‘coke, refined petroleum products‘ (+4.7%, affected by the growth of petroleum products). Also rising were particularly prices of ‘other manufactured goods n.e.c‘ (+5.6%, due to higher prices of secondary raw materials) and ‘chemicals, chemical products and man-made fibres‘ (+1.9%).
Prices of construction work and construction material inputs rose by 0.2% and 0.8%, respectively.
August was the third month in succession to see prices of market services in the business sphere falling (-0.1%), especially due to lower prices in ‘post and telecommunications’ (-1.3%, due to standardisation of telephone charges in the mobile networks and a temporary decrease in charges for telephone line installation). On the other hand, prices grew in ‘real estate, renting and business activities’ (+0.2%, higher prices of exhibition and fair service activities) and in ‘inland freight transport’ (+0.5%).
Year-on-year comparison:
Agricultural producer prices were higher by 5.9% (+13.5% in July), which was the lowest y-o-y increase recorded in 2004. The price growth of crop products slowed down from 15.4% in July to 2.6% in August. Prices of cereals and fruit rose by 9.9% (+32.3% in July) and 8.8%, respectively. On the other hand, prices of oil seeds, potatoes and vegetables fell by 3.8%, 12.9% and 17.1%, respectively. Animal product prices grew by 7.9%, due to price increases of pigs for slaughter (+14.0%), cattle for slaughter (+9.4%), poultry (+5.0%) and milk (+4.1%). For the first time since June 2003, prices of eggs fell (-0.6%).
Industrial producer prices were higher by 8.1% (+7.3% in July). The y-o-y growth of prices became gradually faster from 1.6% in January. This is the highest y-o-y change since October 1993. Of decisive influence on the total price level were considerably higher prices in ‘basic metals and fabricated metal products‘ (+26.6%) and ‘coke, refined petroleum products‘ (+46.5%). Also significant was the price increase in ‘food products, beverages and tobacco‘ by 6.0% (mainly grain mill products, starches and starch products +15.5%; prepared animal feeds +12.7%; other food products +8.3%; and meat and meat products +6.7%). Prices in ‘electrical energy, gas, steam and hot water‘ were higher by 4.9% y-o-y. Also prices in ‘other manufactured goods n.e.c.‘ went markedly up (+14.9%, higher prices of secondary raw materials); the same holds for prices of ‘chemicals, chemical products and man-made fibres‘ (+12.3%). A change of trend was observed in ‘transport equipment‘. The previous moderate price growth turned into a drop of 0.9% in August (cars inclusive spare parts).
Among the main industrial groupings, prices of ‘intermediate goods‘ (+12.8%) and ‘energy‘ (+12.0%) grew most y-o-y.
Construction work prices were higher by 4.6%, just like in July. Prices of construction material inputs grew by 8.1%, which was again the highest y-o-y price increase since 2001 when these prices started to be published.
Prices of market services in the business sphere grew by 2.4% (+2.7% in July) in total. Higher prices were in ‘real estate, renting and business activities’ (prices were up of TV and radio commercials and exhibition and fair service activities) and in ‘insurance’ and ‘financial intermediation, except insurance and pension funding’. On the other hand, prices in ‘post and telecommunications’ fell.
Industrial producer prices in the EU – July 2004*
On the average for the EU member states (EU25), industrial producer prices rose by 0.4% m-o-m . The highest m-o-m increases among member states whose data are available were observed in Hungary (+1.2%), Czech Republic (+0.8%), in Germany and Netherlands (+0.6% both). Prices were down only in Ireland (-0.7%) and remained unchanged in Sweden.
In terms of y-o-y comparison, prices in the EU25 saw an increase of 3.1% in total, most in Hungary (+9.0%), Cyprus (8.0%) and Czech Republic (+7.3%), least in Ireland (+1.3%) and Germany (+1.9%). Prices were down only in Finland (-0.4%).
* Preliminary data
Note
Contact: Hana Sykorova, phone (+420) 274 054 101, e-mail: sykorovah@gw.czso.cz
Miloslav Beranek, phone (+420) 274 052 665, e-mail: beranek@gw.czso.cz
Data source: CZSO survey
End of data collection / end of data processing:
Agricultural producer price indices: 24th calendar day of the reference month / 8th calendar day of the month following the reference month
Industrial producer price indices: 12th calendar day of the reference month / 7th calendar day of the month following the reference month
Price indices of construction work: last calendar day of the reference month / 5th working day of the month following the reference month
Price indices of market services: 15th calendar day of the reference month / 7th calendar day of the month following the reference month
The data are final, except for the price indices of construction work. The price indices of construction work will be updated, using the results of the completed quarterly survey, and their final figures will be released on the 45th calendar day of the following quarter.
Related publications: 7001-04 Price Indices of Construction Work and Constructions
7003-04 Producer Price Indices – Basic Information
7004-04 Industrial Producer Price Indices
7005-04 Agricultural Producer Price Indices
7008-04 Price Indices of Market Services in the Business Sphere
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