Producer price indices - June 2024

“In a year-on-year comparison, prices in agriculture went down already for the fourteenth month in a row, this time by 7.5 %. Prices in industry went up by 1% year-on-year. Construction work prices increased by 2.2% year-on-year and service producer prices in the business sphere by 3.5%,” noted Vladimir Klimes, head of Industrial and International Trade Prices Statistics Unit of CZSO.

Agricultural producer prices increased by 1.9% m-o-m. Rising prices were recorded for fresh vegetables (+13.3%), poultry (+3.5%), cattle for slaughter (+1.8%), oilseeds (+0.8%) and pigs for slaughter (+0.3%). Falling were prices of eggs (-4.8%) and cereals (-0.8%). Y-o-y, agricultural producer prices decreased by 7.5% (‑10.1% in May). In crop production, prices fell by 12.6%. Prices of cereals (-20.1%), potatoes (-11.8%), fresh vegetables (-10.0%) and oilseeds (-2.1%) were lower, while prices of fruit increased (+3.8%). In animal production, prices went down by 1.4%. Decrease occurred in prices of eggs (-17.4%), poultry (-6.2%) and pigs for slaughter (-3.3%). Prices increased for cattle for slaughter (+6.6%) and milk (+0.7%).

Prices of industrial producers decreased by 0.3% m-o-m. Prices fell particularly in ‘coke, refined petroleum products’. Lower were prices in ‘chemicals and chemical products’ and ‘electrical equipment’ (-1.0% both), ‘electricity, gas, steam and air conditioning’ (-0.6%), ‘crude petroleum and natural gas’ (-5.2%) and ‘food products’ (-0.4%). On the increase were prices in ‘motor vehicles, trailers and semi-trailers’ (+0.5%) and ‘paper and paper products’ (+0.6%). Prices of industrial producers rose by 1.0% y-o-y (like in May). Higher were prices in ‘coke, refined petroleum products’. Prices increased in ‘motor vehicles, trailers and semi trailers’ (+3.8%), ‘electricity, gas, steam and air conditioning’ (+4.2%) and ‘repair and installation services of machinery and equipment’ (+4.7%). Lower were prices in ‘wood and products of wood and cork’ (-5.4%), ‘basic metals’ (-7.0%) and ‘crude petroleum and natural gas’ (-17.7%). On the decrease were prices in ‘food products’ (-3.8%), thereof particularly in ‘vegetable and animal oils and fats’ (-17.1%), ‘grain mill products, starches and starch products’ (-15.3%) and ‘prepared animal feeds’ (-14.6%). Among the main industrial groupings, prices of ‘energy’ (+4.2%) and ‘capital goods’ (+3.2%) rose. Prices of ‘intermediate goods’ (-2.8%) fell. Prices of industrial producers excluding energy dropped by 0.3% y-o-y (-0.6% in May).

Construction work prices, as estimated, grew by 0.1% and prices of materials and products used in construction were lower by 0.1% m-o-m. According to the estimate, y‑o‑y construction work prices rose by 2.2% (+2.1% in May). Prices of materials and products used in the construction fell by 1.1% (-1.3% in May).

Service producer prices in the business sphere increased by 0.2% m-o-m. Prices rose for ‘motion picture, video and television programme production services, sound recording and music publishing’ (+3.8%), ‘warehousing and support services for transportation’ (+0.4%) and ‘architectural and engineering services’ (+0.3%). Prices of ‘employment services’ were lower (‑0.6%). Service producer prices in the business sphere, excluding advertising services increased by 0.2%. Service producer prices in the business sphere went up by 3.5% y-o‑y (+3.2% in May). Prices rose for ‘employment services’ (+8.2%), ‘real estate services’ (+7.6%), ‘advertising and market research services’ (+7.0%) and ‘legal and accounting services’ (+6.1%). Service producer prices in the business sphere, excluding advertising services, increased by 3.2% (+2.9% in May).

Industrial producer prices in the EU – May 2024 (preliminary data)
According to the Eurostat News Releases, industrial producer prices decreased in May by 0.3% in EU27 (in April they went down by 0.7%), m-o-m. The largest monthly decreases were recorded in Croatia (-4.1%), Greece (-2.9%) and Sweden (-1.8%). Prices were lower in Czechia (-1.2%), Poland (-0.2%) and Germany (-0.1%) and higher in Austria (+0.3%) and Slovakia (+0.5%). The highest increases were observed in Ireland (+7.7%), Bulgaria (+4.5%) and Estonia (+2.1%). Industrial producer prices fell in May by -4.0% (in April they went down by 5.4%) in EU27, y-o-y. The largest decreases were recorded in Slovakia (-20.7%), Poland (-6.8%), France and Latvia (-6.7% both). Prices were lower in Austria (-6.5%), Germany (-2.3%) and higher in Czechia (+1.0%). The highest increases were observed in Luxembourg (+17.7%) and Sweden (+1.3%).