Producer price indices - July 2024

“In a year-on-year comparison, prices in industry increased by 1.7% and are rising already the fourth month in a row. Construction work prices increased by 1.8% year-on-year and service producer prices in the business sphere by 3.5%. Prices in agriculture went down by 3.7% year-on-year,” noted Vladimir Klimes, head of Industrial and International Trade Prices Statistics Unit of CZSO.

Agricultural producer prices remained unchanged m-o-m. Rising prices were recorded for cereals (+2.9%), oilseeds (+2.1%) and milk (+0.5%). Falling were prices of pigs for slaughter (‑0.6%), poultry (-3.5%), eggs (-5.7%) and potatoes (-30.8%). Y-o-y, agricultural producer prices decreased by 3.7% (‑7.5% in June). In crop production, prices fell by 7.4%. Prices of potatoes (-23.1%), cereals (-12.8%) and fresh vegetables (-7.8%) were lower, while prices of fruit (+43.4%) and oilseeds (+5.9%) increased. In animal production, prices went up by 0.7%. Prices increased for cattle for slaughter (+7.7%) and milk (+6.7%). Decrease occurred in prices of eggs (-17.9%), poultry (-8.2%) and pigs for slaughter (-6.7%).

Prices of industrial producers increased by 0.6% m-o-m after two months of decreases. Prices rose particularly in ‘coke, refined petroleum products’. Higher were prices in ‘motor vehicles, trailers and semi-trailers’ (+1.5%), ‘paper and paper products’ (+1.8%), ‘computer, electronic and optical products’ (+1.4%) and ‘electricity, gas, steam and air conditioning’ (+0.4%). Prices rose in ‘food products’ by 0.3%, thereof ‘vegetable and animal oils and fats’ (+1.2%) and ‘dairy products’ (+1.1%). Decreases were recorded in ‘chemicals and chemical products’ (-0.7%) and ‘printing and recording services’ (-0.4%). Prices of industrial producers rose by 1.7% y-o-y (+1.0% in June) and are rising for the fourth month in a row. Higher were prices in ‘coke, refined petroleum products’. Prices increased in ‘computer, electronic and optical products’ (+5.1%), ‘repair and installation services of machinery and equipment’ (+4.8%), ‘motor vehicles, trailers and semi trailers’ (+4.7%) and ‘electricity, gas, steam and air conditioning’ (+4.0%). Lower were prices in ‘wood and products of wood and cork’ (-2.7%), ‘paper and paper products’ (-3.1%), ‘basic metals’ (-4.4%) and ‘crude petroleum and natural gas’ (-16.1%). On the decrease were prices in ‘food products’ (-2.9%), thereof particularly in ‘vegetable and animal oils and fats’ (-15.7%), ‘grain mill products, starches and starch products’ (-14.6%) and ‘prepared animal feeds’ (-11.9%). Among the main industrial groupings, prices of ‘energy’ (+4.2%) and ‘capital goods’ (+3.8%) rose. Prices of ‘intermediate goods’ (-1.2%) fell. Prices of industrial producers excluding energy were higher by 0.8% y-o-y (-0.3% in June).

Construction work prices, as estimated, grew by 0.1% m-o-m, and prices of materials and products used in construction rose by the same percentage. According to the estimate, y‑o‑y construction work prices increased by 1.8% (+1.9% in June after updating). Prices of materials and products used in the construction fell by 0.1% (-1.1% in June).

Service producer prices in the business sphere decreased by 1.3% m-o-m. Prices for ‘advertising and market research services’ and for ‘programming and broadcasting services’ fell by the same percentage (-18.2%). Prices for ‘motion picture, video and television programme production services, sound recording and music publishing’ (-7.0%) and ‘land transport services’ (-0.9%) also fell. Service producer prices in the business sphere, excluding advertising services increased by 0.1%. Service producer prices in the business sphere went up by 3.5% y-o‑y (same as in June). Prices rose for ‘advertising and market research services’ (+10.1%), ‘employment services’ (+9.1%), ‘real estate services’ (+7.8%) and ‘legal and accounting services’ (+6.4%). Service producer prices in the business sphere, excluding advertising services, increased by 3.1% (+3.2% in June).
 

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

According to the Eurostat News Releases, industrial producer prices increased in June by 0.5% in EU27 (in May they went down by 0.2%), m-o-m. The highest monthly increases were recorded in Estonia (+2.2%), Spain and Romania (+1.9% both). Prices were higher Slovakia (+1.4%), Poland (+0.6%), Austria (+0.2%) and Germany (+0.1%). The largest decreases were observed in Bulgaria (-1.0%), Czechia, France and Finland (-0.3% each). Industrial producer prices fell in June by 3.1% (in May they went down by 3.9%) in EU27, y-o-y. The largest annual decreases were recorded in Slovakia (-19.0%) and France (-6.0%). Prices were lower in Poland (-5.7%), Austria (-5.1%) Germany (-1.9%) and higher in Czechia (+1.0%). The highest increases were observed in Luxembourg (+19.1%) and Portugal (+2.4%).