Producer price indices - August 2024

“In a year-on-year comparison, prices in agriculture markedly moderated their decline to 0.5%. Prices in industry increased by 1.1% year-on-year and have been rising already five months in a row. Construction work prices increased by 1.7% 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 1.4% m-o-m. Falling prices were recorded for fresh vegetables (-14.3%), pigs for slaughter (-3.2%), eggs (-2.0%), fruit (-1.5%) and oilseeds (-1.3%). Rising were prices of poultry (+2.0%), potatoes (+1.9%) and cattle for slaughter (+0.9%). Y-o-y, agricultural producer prices decreased by 0.5% (‑3.7% in July). In crop production, prices fell by 3.6%. Prices of potatoes (-12.7%), fresh vegetables (-9.6%) and cereals (-7.9%) were lower, while prices of fruit (+25.0%) and oilseeds (+4.3%) increased. In animal production, prices went up by 3.2%. Prices increased for cattle for slaughter (+8.2%) and milk (+11.3%). Decrease occurred in prices of eggs (-13.6%), pigs for slaughter (-10.8%) and poultry (-2.7%).

Prices of industrial producers decreased by 0.4% m-o-m. Prices went down particularly in ‘coke, refined petroleum products’. Lower were prices in ‘chemicals and chemical products’ and ‘basic pharmaceutical products’ (-0.9% both), ‘wood and products of wood and cork’ (-0.8%), ‘electricity, gas, steam and air conditioning’ (-0.6%) and ‘electrical equipment’ (-0.6%). Higher were prices in ‘food products’ by 0.4%, thereof ‘other food products’ (+1.8%) and ‘vegetable and animal oils and fats’ (+1.3%). Prices of industrial producers rose by 1.1% y-o-y (+1.7% in July) and are rising for the five months in a row. Prices went up in ‘repair and installation services of machinery and equipment’ (+4.9%), ‘chemicals and chemical products’ (+4.9%), ‘computer, electronic and optical products’ (+4.0%), ‘motor vehicles, trailers and semi trailers’ (+3.9%) and ‘electricity, gas, steam and air conditioning’ (+3.7%). Lower were prices in ‘paper and paper products’ (-0.3%), ‘wood and products of wood and cork’ (-1.5%), ‘basic metals’ (-2.1%) and ‘crude petroleum and natural gas’ (-15.7%). On the decrease were also prices in ‘coke, refined petroleum products’. Prices went down in ‘food products’ (-1.7%), thereof particularly in ‘prepared animal feeds’ (-10.9%), ‘vegetable and animal oils and fats’ (-11.3%) and ‘grain mill products, starches and starch products’ (-13.2%). Among the main industrial groupings, prices of ‘capital goods’ (+3.4%) and ‘energy’ and ‘durable consumer goods’ (+1.3% both) rose. Prices of ‘intermediate goods’ (-0.7%) fell. Prices of industrial producers excluding energy were higher by 1.1% y-o-y (+0.8% in July).

Construction work prices, as estimated, grew by 0.1% m-o-m, and prices of materials and products used in construction fell by 0.3%. According to the estimate, y‑o‑y construction work prices increased by 1.7% (+1.8% in July). Prices of materials and products used in the construction were unchanged y-o-y (-0.1% in July).

Service producer prices in the business sphere increased by 0.5% m-o-m. Prices for ‘advertising and market research services’ increased (+7.2%). Prices went up for ‘programming and broadcasting services’ and for ‘motion picture, video and television programme production services, sound recording and music publishing’ (both +7.7%). Service producer prices in the business sphere, excluding advertising services remained unchanged. Service producer prices in the business sphere went up by 3.4% y-o‑y (+3.5% in July). Prices rose for ‘advertising and market research services’ (+10.3%), ‘employment services’ (+9.3%), ‘real estate services’ (+7.5%) and ‘legal and accounting services’ (+5.2%). Service producer prices in the business sphere, excluding advertising services, increased by 2.9% (+3.1% in July).
 

Industrial producer prices in the EU – July 2024 (preliminary data)

According to the Eurostat News Releases, industrial producer prices increased in July by 0.8% in EU27 (in June they went up by 0.6%), m-o-m. The highest monthly increases were recorded in Bulgaria (+3.6%), Greece (+2.9%) and Romania (+2.7%). Prices were higher in Slovakia (+1.9%), Czechia (+0.6%), Poland and Germany (+0.2% both). The highest decreases were observed in Sweden (-0.9%), Finland (-0.7%) and Austria (-0.2%). Industrial producer prices fell in July by 1.9% (in June they went down by 3.1%) in EU27, y-o-y. The largest annual decreases were recorded in Slovakia (-18.9%), Luxembourg (-6.7%) and Latvia (-6.0%). Prices were lower in Austria (-4.5%), Poland (-4.3%), Germany (-1.1%) and higher in Czechia (+1.7%). The highest increases were observed in Ireland (+6.1%), Romania (+2.7%) and Portugal (+2.0%).