Producer price indices - December 2024

“In year-on-year comparison, both agricultural and industrial prices continued to accelerate their growth. Prices in agriculture increased by 8.1% and in industry by 2.8%. Construction work prices were higher by 2.6% year-on-year and service producer prices in the business sphere by 3.8%,” noted Vladimir Klimes, head of Industrial and International Trade Prices Statistics Unit of CZSO.

Agricultural producer prices increased by 1.2% m-o-m. Rising were prices of eggs (+17.3%), milk (+6.1%), vegetables (+5.2%), oilseeds (+3.0%), fruit (+2.2%), poultry (+1.2%) and cereals (+0.4%). Decrease was recorded for prices of potatoes (-6.7%), pig for slaughter (-1.9%) and cattle for slaughter (-0.4%). Y-o-y, agricultural producer prices were higher by 8.1% (+5.5% in November). In crop production, prices went up by 4.3%. Prices of fruit (+29.3%), oilseeds (+20.8%) and cereals (+2.7%) increased. Prices of potatoes (-14.8%) and vegetables (‑1.8%) were lower. In animal production, prices were higher by 13.7%. Increase occurred in prices of eggs (+27.3%), milk (+20.8%), cattle for slaughter (+15.7%) and poultry (+1.7%). Prices of pigs for slaughter were lower (-6.0%).

Compared to 2023, on average for the whole year 2024, agricultural producer prices fell by 5.9% (-6.0% in 2023). Prices in crop production dropped by 9.1% and prices for animal production by 1.5%. Decrease occurred in prices of cereals (-18.6%), potatoes (-5.8%), oilseeds (‑4.1%) and vegetables (‑1.9%). Prices of fruit increased (+28.7%). In animal production, prices of eggs (‑13.2%), poultry (-6.3%) and pigs for slaughter (-3.6%) declined, while prices of cattle for slaughter (+6.6%) and milk (+0.2%) grew.

Prices of industrial producers increased by 0.6% m-o-m. Prices rose in ‘electricity, gas, steam and air conditioning’ (+3.4%). Prices went up in ‘food products’ (+0.3%), especially in ‘dairy products’ (+1.9%) and ‘vegetable and animal oils and fats’ (+2.5%), lower were prices in ‘other food products’ (-0.5%). On the decrease were prices in ‘basic metals’ (-1.1%), ‘motor vehicles, trailers and semi-trailers’ (-0.3%) and ‘chemicals and chemical products’ (-0.7%). Prices of industrial producers rose by 2.8% y-o-y (+1.7% in November). Prices went up in ‘electricity, gas, steam and air conditioning’ (+9.3%), ‘motor vehicles, trailers and semi trailers’ (+3.0%) and ‘repair and installation services of machinery and equipment’ (+4.6%). Prices rose in ‘food products’ (+1.4%), particularly in ‘dairy products’ (+10.6%) and ‘preserved meat and meat products’ (+1.6%), lower were prices in ‘other food products’ (-3.5%). Decreases were observed in ‘coke, refined petroleum products’. Prices were lower in ‘fabricated metal products, except machinery and equipment’ (-1.7%) and ‘coal and lignite’ (-4.6%). Among the main industrial groupings, prices of ‘energy’ (+6.1%), ‘capital goods’ (+3.0%) and ‘non-durable consumer goods’ (+1.8%) went up y-o-y. Prices of industrial producers excluding energy were higher by 1.5% (+1.4% in November).

Prices of industrial producers increased on average by 0.8% in 2024 y-o-y (+5.0% in 2023). Prices rose in ‘natural water; water treatment and supply services’ (+9.2%), ‘other mining and quarrying products’ (+6.3%) and ‘repair and installation services of machinery and equipment’ (+5.0%). Lower were prices in ‘crude petroleum and natural gas’ (-19.5%), ‘wood and of products of wood and cork’ (-6.8%) and ‘basic metals’ (-5.6%).

Construction work prices, as estimated, rose by 0.1% and prices of construction material and products input went down by 0.3% m-o-m. According to the estimate, y-o-y construction work prices increased by 2.6% (+2.5% in November) and prices for construction material and products input grew by 0.7% (+0.9% in November).

On average, construction work prices, as estimated, grew by 2.1% for the whole year 2024 compared to 2023 (+5.9% in 2023 after updating). Prices of construction material and products input decreased by 0.5% on average for the whole year 2024 (+3.8% in 2023).

Service producer prices in the business sphere increased by 0.1% m-o-m. Prices for ‘computer programming, consultancy and related services’ (+0.5%), ‘insurance, reinsurance and pension funding services, except compulsory social security’ (+0.4%) and ‘land transport services’ (+0.4%) rose. Falling were prices of ‘employment services’ (-1.2%) and ‘motion picture, video and television programme production services, sound recording and music publishing’ (-6.1%). Service producer prices in the business sphere, excluding advertising services grew by 0.1%. Service producer prices in the business sphere went up by 3.8% y-o‑y (+3.7% in November). Prices for ‘employment services’ (+12.9%), ‘advertising and market research services’ (+11.3%) and ‘real estate services’ (+7.8%) rose. Prices of ‘warehousing and support services for transportation’ were lower (-0.4%). Service producer prices in the business sphere, excluding advertising services, were higher by 3.2% (+3.1% in November).

Compared to 2023, on average for the whole year 2024, service producer prices in the business sphere increased by 3.8% (+5.6% in 2023). Prices were higher for ‘employment services’ (+10.3%), ‘advertising and market research services’ (+10.0%), ‘security and investigation services’ (+9.0%), ‘real estate services’ (+7.7%), ‘postal and courier services’ (+5.4%), ‘legal and accounting services’ (+5.1%), ‘computer programming, consultancy and related services’ (+3.7%) and ‘information services’ (+2.0%). Service producer prices in the business sphere, excluding advertising services, increased by 3.3% (+5.7% in 2023).

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

According to the Eurostat News Releases, industrial producer prices increased in November by 1.7% in EU27 (in October they rose by 0.4%), m-o-m. The highest increases were recorded in Bulgaria (+4.9%), Ireland (+4.5%) and Sweden (+4.2%).  Prices were higher in Austria (+0.7%), Germany (+0.6%), Czechia (+0.4%) and Poland (+0.2%). The largest decreases were observed in Estonia and Cyprus (both -1.4%), Slovakia (-0.5%) and Luxembourg (-0.4%).

Industrial producer prices fell in November by 1.1% (in October they went down by 3.1%) in EU27, y-o-y. The largest decreases were recorded in Slovakia (-18.4%), Luxembourg (-6.6%) and France (-5.2%). Lower were prices in Austria (-4.5%), Poland (-4.3%), remained stable in Germany and were higher in Czechia (+1.7%). The highest increases were observed in Ireland (+5.4%), Denmark and Hungary (both +3.2%) and Portugal (+2.0%).