Producer price indices - September 2024

“In a year-on-year comparison, prices in industry again moderated their growth, now to 0.6%, nevertheless, they have been rising already six months in a row. Prices in agriculture were lower by 0.2% year-on-year. Construction work prices increased by 1.9% year-on-year and service producer prices in the business sphere by 3.4%,” noted Vladimir Klimes, head of Industrial and International Trade Prices Statistics Unit of CZSO.

Agricultural producer prices increased by 2.1% m-o-m. Rising prices were recorded for fresh vegetables (+12.0%), eggs (+3.3%), cereals (+2.3%), oilseeds (+2.0%), milk (+1.1%) and cattle for slaughter (+0.6%). Falling were prices of fruit (-7.2%), poultry (-3.3%) and pigs for slaughter (‑1.7%). Y-o-y, agricultural producer prices decreased by 0.2% (‑0.5% in August). In crop production, prices fell by 2.9%. Prices of potatoes (-21.2%) and cereals (-5.9%) were lower, while prices of fruit (+32.2%) and oilseeds (+5.4%) increased. In animal production, prices went up by 4.1%. Prices increased for cattle for slaughter (+8.9%) and milk (+13.8%). Decrease occurred in prices of eggs (-10.6%), poultry (-10.5%) and pigs for slaughter (-8.8%).

Prices of industrial producers decreased by 0.2% m-o-m. Prices went down particularly in ‘coke, refined petroleum products’. Lower were prices in ‘motor vehicles, trailers and semi-trailers’ (-0.4%), ‘basic metals’ (-0.5%) and ‘coal and lignite’ (-0.6%). Prices rose in ‘electricity, gas steam and air conditioning’ (+0.9%), ‘wood and products of wood and cork’ (+0.9% also) and ‘paper and paper products’ (+0.7%). Higher were prices in ‘food products’ by 0.1%, thereof ‘dairy products’ (+2.0%). Prices of industrial producers rose by 0.6% y-o-y (+1.1% in August). Prices went up in ‘electricity, gas, steam and air conditioning’ (+5.0%), ‘motor vehicles, trailers and semi trailers’ (+2.9%) and ‘repair and installation services of machinery and equipment’ (+4.7%). Lower were prices especially in ‘coke, refined petroleum products’. Lower were prices in ‘fabricated metal products’ (-1.9%), ‘other non-metallic mineral products’ (-1.4%), ‘coal and lignite’ (-3.3%), ‘basic metals’ (-1.3%) and ‘crude petroleum and natural gas’ (-21.1%). Prices went down in ‘food products’ (-0.4%), thereof in ‘grain mill products, starches and starch products’ (-11.8%), ‘prepared animal feeds’ (-7.5%), on the other hand, prices went up in ‘dairy products’ (+6.8%). Among the main industrial groupings, prices of ‘capital goods’ (+2.8%) rose. Prices of ‘intermediate goods’ (-0.9%) and ‘energy’ (-0.1%) fell. Prices of industrial producers excluding energy were higher by 0.9% y-o-y (+1.1% in August).

Construction work prices, as estimated, grew by 0.4% m-o-m, and prices of materials and products used in construction fell by 0.1%. According to the estimate, y‑o‑y construction work prices increased by 1.9% (+1.7% in August). Prices of materials and products used in the construction were unchanged y-o-y (as in August).

Service producer prices in the business sphere increased by 1.3% m-o-m. Prices went up for ‘programming and broadcasting services’ (+17.5%), ‘advertising and market research services’ (+16.7%) and ‘employment services’ (+2.2%). Service producer prices in the business sphere, excluding advertising services grew by 0.2%. Service producer prices in the business sphere grew by 3.4% y-o‑y (as in August). Prices rose for ‘advertising and market research services’ (+9.8%), ‘employment services’ (+9.5%), ‘real estate services’ (+7.7%) and ‘legal and accounting services’ (+4.7%). Service producer prices in the business sphere, excluding advertising services, increased by 2.9% (as in August).

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

According to the Eurostat News Releases, industrial producer prices increased in August by 0.4% in EU27 (in July they went up by 0.8%), m-o-m. The highest increases were recorded in Estonia (+2.2%), Greece (+1.7%) and Spain (+1.5%). Prices were higher in Austria (+0.5%), Slovakia (+0.4%) and Germany (+0.2%) and lower in Czechia (-0.4%) and Poland (-0.7%). The largest decreases were observed in Ireland (-3.8%), Lithuania (-1.7%) and Romania (-1.6%). Industrial producer prices fell in August by 2.1% (in July they went down by 1.9%) in EU27, y-o-y. The largest decreases were recorded in Slovakia (-18.3%), Luxembourg (-6.9%) and France (-6.3%). Prices were lower in Poland (-4.9%), Austria (-4.5%) and Germany (-1.1%) and higher in Czechia (+1.1%). The highest increases were observed in Romania (+2.8%), Bulgaria and Portugal (+1.9% both).