Producer price indices - February 2005
Continuing slump in crop product prices
Publication Date: 14. 03. 2005
Product Code: r-7001-05
Month-on-month comparison:
Agricultural producer prices fell by 3.5%. Decreases were reported for prices of cereals (-1.7%), oil seeds (-1.4%), pigs for slaughter (-5.9%) and eggs (-4.5%), as well as poultry and fruit. On the other hand, prices of vegetables (+5.1%), cattle for slaughter (+1.3%) and milk (+1.0 %) grew.
The growth of industrial producer prices moderated to 0.2% in February from 0.3% recorded in January. Important price increases, in terms of impact on the m-o-m index of total industry, were observed in ‘chemicals, chemical products and man-made fibres’ (+2.6%), ‘basic metals and fabricated metal products’ (+0.5%) and, further, in ‘coal, lignite and peat’ (+1.8%). A significant drop in prices occurred only in ‘food products, beverages and tobacco’ (-0.5%).
Construction work prices and construction material inputs prices rose by 0.3% and 0.4%, respectively.
Market services prices in the business sphere were up by 0.9%, reflecting a 1.8% growth of prices in ‘real estate, renting and business activities’ (higher prices of advertising service activities and computer-related service activities) and a 0.4% growth of prices in ‘insurance’. Prices of ‘postal services and telecommunications’ saw the opposite trend, being down by 1.5% (the fall in prices of mobile telephone services outweighed the growth of prices of postal services).
Year-on-year comparison:
The decrease in agricultural producer prices started in January continued, accelerating to 11.4% (prices in January were lower by 5.2%). Crop product prices fell by 39.9% in total and reached the lowest level since 1992. Decreases continued in prices of potatoes (-66.3%), vegetables (-46.7%), fruit (-15.2%) and cereals (-28.2%), particularly wheat. Animal product prices grew by 11.8% due to price increases in cattle for slaughter (+18.1%), pigs for slaughter (+35.5%), milk (+6.4%) and poultry (+1.1%). Prices of eggs were down (-31.6%).
The growth rate of industrial producer prices slowed down moderately to 7.1% in February from 7.2% in January. The overall price level was mainly raised by prices of ‘basic metals and fabricated metal products’, which were higher by 27.4% in February (+27.1% in January), and prices in ‘coke, refined petroleum products’ by 31.9% (+33.2% in January). Significantly higher was also growth of prices in ‘coal, lignite and peat’ by 22.9% (+20.8% in January). The growth of prices in ‘food products, beverages and tobacco’ decelerated to 1.1% from 2.1% in January.
Among the main industrial groupings, prices of ‘energy’ (+13.2%) and ‘intermediate goods’ (+9.6%) grew most.
Construction work prices and construction material inputs prices were higher by 4.1% (+4.2% in January) and 8.5% (+7.9% in January), respectively.
Market services prices in the business sphere grew by 1.1% (+1.5% in January) in total, responding to higher prices in ‘real estate, renting and business activities’ (increases in prices of TV and radio commercials and computer-related service activities) and in ‘insurance’ and ‘financial intermediation, except insurance and pension funding’. Conversely, prices of ‘postal services and telecommunications’ decreased (due to a fall in prices of mobile telephone services, whereas prices of postal services rose).
Industrial producer prices in the EU – January 2005*
On average for the EU Member States (EU25), industrial producer prices went up by 0.5% m-o-m . Among Member States for which data are available, the highest m-o-m increases were observed in Netherlands and Lithuania (both +1.5%) and in Germany and Sweden (both +0.8%). The only decreases were recorded in Slovakia (-0.2%) and Ireland (-0.1%).
In terms of y-o-y comparison, prices in the EU25 grew by 4.6% in total, most in Luxembourg (+12.2%), Cyprus (+8.0%), United Kingdom (+7.5%) and Czech Republic (+7.2%). Growth in Slovakia was 2.8%. The only decrease was registered in Finland (-0.6%).
* Preliminary data
Note
Contact: Zdenek Bednar, phone (+420) 274 052 699, e-mail: bednar@gw.czso.cz
Miloslav Beranek, phone (+420) 274 052 665, e-mail: miloslav.beranek@csu.gov.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 following month
Industrial producer price indices: 12th calendar day of the reference month / 7th calendar day of the following month
Construction work price indices: last calendar day of the reference month / 5th working day of the following month
Market services price indices: 15th calendar day of the reference month / 7th calendar day of the following month
The data are final, except for construction work price indices. Construction work price indices will be updated, using the results of the completed quarterly survey, and final data will be released on the 45th calendar day of the following quarter.
Related publications: 7001-05 Price Indices of Construction Work and Constructions
7003-05 Producer Price Indices – Basic Information
7004-05 Industrial Producer Price Indices
7005-05 Agricultural Producer Price Indices
7008-05 Price Indices of Market Services in the Business Sphere
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