Producer price indices - May 2004
Industrial producer prices markedly growing continued
Publication Date: 14. 06. 2004
Product Code: r-7001-04
Month-on-month comparison:
Prices of agricultural producers fell by 1.8%, applied to eggs (-11.0%), as well as cereals, potatoes and oil plants. It was the first m-o-m drop since December 2003. On the other hand, prices of pigs for slaughter, cattle for slaughter, poultry, fruit and vegetables grew.
Prices of industrial producers further increased and May was the third successive month with a rise of 0.8% in total. The decisive factor affecting the growth of the total price level was the continuation of price increases in ‘basic metals and fabricated metal products’ by 3.7% (basic iron and steel and ferro-alloys by 6.1%). Another significant factor were higher prices in ‘coke, refined petroleum products’ by 6.2% (as for refined petroleum products, this was the highest m-o-m rise since April 2003). Prices in ‘food products, beverages and tobacco’ went up by 0.7%. Prices of ‘other manufactured goods n.e.c’ dropped by 2.9% for the first time after eight months of uninterrupted growth (the price increase in secondary raw materials in previous months turned into a decrease in May).
Prices of construction work rose by 0.3% and prices of construction material inputs increased by 1.5%.
Prices of market services in the business sphere grew by 0.3%, reflecting the price growth in ‘real estate, renting and business activities’ (+0.4%, higher prices of exhibition and fair service activities) and in ‘financial intermediation, except insurance and pension funding’ (+0.7%, particularly increases in charges for keeping accounts and accounting entries)‘.
Year-on-year comparison:
Prices of agricultural producers grew by 14.2% (20.1% in April), particularly due to higher prices of crop products (+36.6%). Considerable price increases were especially recorded for cereals (+34.4%) and potatoes (+113.6%), and also fruit and vegetables. On the other hand, prices of oil plants fell (-13.7%). Prices of animal products grew by 2.9%, due to increases in prices of poultry (+5.1%), eggs (+24.2%) and milk (+1.7%). Lower growth was recorded for prices of pigs for slaughter (+0.5%) and cattle for slaughter (+1.6%).
Prices of industrial producers rose by 4.9%. This was the highest y-o-y rise since January 2001. The total price level was dominantly influenced by a further considerable price increase in ‘basic metals and fabricated metal products’ (+14.5% in May). In this case, it was even the highest price increase since March 1991. Also price increases in ‘food products, beverages and tobacco’ (+5.3%) were of a significant effect (especially higher prices of grain mill products, starches and starch products by 15.9%, of prepared animal feeds by 14.6% and of other food products by 7,7%). Markedly went up the prices of ‘coke, refined petroleum products’ (+26.5%, after up and down movements amounting to several percent in the previous twelve months). Prices of ‘electrical energy, gas, steam and water’ were higher by 4.8% y-o-y, just like in April.
Among the main industrial groupings, the highest y-o-y price increases took place in ‘energy’ (+8.2%) and ‘intermediate goods’ (+6.4%).
Prices of construction work and construction material inputs were higher by 2.6% and 5.9%, respectively.
Prices of market services in the business sphere grew by 2.6% (2.4% in April) in total. Higher prices were reported for ‘real estate, renting and business activities’ (prices were up in TV and radio commercials and exhibition and fair service activities) and also for ‘insurance’ and ‘financial intermediation, except insurance and pension funding’.
Industrial producer prices in the EU – April 2004*
On average for the EU member states (EU-25), prices of industrial producers rose by 0.4% m-o-m . The highest m-o-m increases were reported for Portugal (+1.2%), Belgium (+1.0), the Czech Republic and Spain (+0.8% both). Only Finland (-0.4%) and Slovakia (-0.1%) saw decreases.
In terms of y-o-y comparison, prices in the EU-25 grew by 1.7% in total, most in Latvia (+6.9%), Slovenia (+4.1%), the Czech Republic (+3.7%) and the United Kingdom (+2.7%). Conversely, prices went down in Ireland and Finland (-0.6% both).
* Preliminary data; prices of industrial producers for April 2004 released by Eurostat already cover the EU-25.
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
Price indices of construction work: last calendar day of the reference month / 5th working day of the month following the reference month
Price indices of market services: 15th calendar day of the reference month / 7th calendar day of the month following the reference month
The data are final, except for the price indices of construction work. The price indices of construction work will be updated, using the results of the completed quarterly survey, and their final figures will be released on the 45th calendar day of the following quarter.
Related publications: 7001-04 Price Indices of Construction Work and Constructions
7003-04 Producer Price Indices – Basic Information
7004-04 Industrial Producer Price Indices
7005-04 Agricultural Producer Price Indices
7008-04 Price Indices of Market Services in the Business Sphere
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