Producer price indices - January 2005
Sharp decrease in prices of crop products
Publication Date: 14. 02. 2005
Product Code: r-7001-05
Month-on-month comparison:
Agricultural producer prices fell by 4.2%. Decreases were reported for prices of potatoes (-7.2%), vegetables (-5.3%), eggs (-4.5%) and cereals (-1.8%), as well as pigs for slaughter and poultry. On the other hand, prices of fruit (+11.2%) and cattle for slaughter (+1.3%), increased.
After a drop in the previous month, industrial producer prices grew by 0.3% in January. The main reason was a marked growth of prices in ‘electrical energy, gas, steam and hot water’ (+6.3%). Prices of ‘coal and lignite, peak’ went up too (+1.9%). Conversely, the fall of prices in ‘coke, refined petroleum products’ continued already the third successive month (-7.8% in January). For the first time after sixteen months of uninterrupted growth, prices in ‘basic metals and fabricated metal products’ dropped moderately (-0.8%).
Prices of construction work rose by 0.5%; those of construction material inputs fell by 0.2%.
Market services prices in the business sphere decreased by 0.3%, reflecting a 0.8% drop of prices in ‘real estate, renting and business activities’ (lower prices of TV and radio commercials and of exhibition and fair service activities). Prices in ‘financial intermediation, except insurance and pension funding’ grew by 1.7%
Year-on-year comparison:
For the first time since July 2003, agricultural producer prices were lower by 5.2% in January (they were higher by 2.4% in December). Prices of crop products fell by 29.6% in total, which is the biggest y-o-y fall in prices at all since 1992 when indices are calculated in this way. Decreases continued in prices of potatoes (-65.2%), vegetables (-46.4%), fruit (- 22.2%) and cereals (-22.0%). Prices of animal products grew by 13.1% due to price increases in cattle for slaughter (+18.6%), pigs for slaughter (+37.6%), milk (+5.8%) and poultry (+2.1%). Prices of eggs were down (-27.7%).
Y-o-y growth of industrial producer prices slowed down to 7.2% in January from 7.7% in December. This trend was primarily influenced by deceleration of growth of prices in ‘coke, refined petroleum products’ to 33.2% from 46.2% in December and by a slackening growth rate of prices in ‘basic metals and fabricated metal products’ to 27.1% from 28.9% in December. Also y-o-y growth rate of prices in ‘food products, beverages and tobacco’ slowed down to 2.1% from 2.6% in December (+4.6% in January 2004). The converse trend had prices of ‘production and distribution services of electricity’, with a growth of 8.0% from 3.6% in December 2004.
Among the main industrial groupings, prices of ‘energy’ (+13.2%) and ‘intermediate goods’ (+10.2%) grew most y-o-y.
Construction work prices and construction material inputs prices were higher by 4.2% (+4.4% in December) and 7.9% (+8.3% in December), respectively.
Market services prices in the business sphere grew by 1.5% (+2.8% in December) 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’.
Industrial producer prices in the EU – December 2004*
On average for the EU member states (EU25), industrial producer prices went down by 0.3% m-o-m in December 2004. Among the member states, for which the data are available, the highest m-o-m decreases were recorded in Lithuania (-1.2%), Netherlands (-1.1%), Portugal (-0.6%) and Slovakia (-0.2%). Prices went up only in Slovenia (+0.4%) and Germany (+0.1%).
In terms of y-o-y comparison, prices in the EU25 grew by 4.3% in total, most in Luxembourg (+12.8%), Czech Republic (+7.7%), Cyprus (+7.6%), United Kingdom (+6.9%) and Slovakia (+4.3%). A decrease was observed only in Finland (-0.8%).
* 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
Construction work price indices: last calendar day of the reference month / 5th working day of the month following the reference month
Market services price indices: 15th calendar day of the reference month / 7th calendar day of the month following the reference 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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