17.06.2024 Producer price indices - May 2024

Agricultural producer prices fell by 1.5% month-on-month (m-o-m) and were down by 10.1% year-on-year (y-o-y). Industrial producer prices dropped by 1.2% m-o-m and rose by 1.0% y-o-y. Construction work prices grew by 0.2% m-o-m and were higher by 2.1% y-o-y. Service producer prices in the business sphere fell by 0.2% m-o-m and went up by 3.2% y-o-y.

“In a year-on-year comparison, prices in agriculture went down already for the thirteenth months in a row, this time by 10.1%. Prices in industry went up by 1.0% year-on-year. Construction work prices increased by 2.1% year-on-year and service producer prices in the business sphere by 3.2%,” noted Vladimir Klimes, head of Industrial and International Trade Prices Statistics Unit of CZSO.

Agricultural producer prices decreased by 1.5% m-o-m. Falling prices were recorded for eggs (-6.8%), poultry (-2.3%), cereals (-0.7%) and pigs for slaughter (-0.3%). Rising were prices of oilseeds (+1.7%) and milk (+0.9%). Y-o-y, agricultural producer prices decreased by 10.1% (-13.4% in April). In crop production, prices fell by 15.7%. Prices for oilseeds (-7.3%) and cereals (-23.2%) were lower. Prices for fruit (+49.7%), potatoes (+33.9%) and vegetables (+6.1%) increased. In animal production, prices went down by 4.4%. Decrease occurred in prices of eggs (-17.3%), poultry (-10.8%), milk (-4.2%) and pigs for slaughter (-0.8%). Prices for cattle for slaughter increased (+5.1%).

Prices of industrial producers decreased by 1.2% m-o-m. Prices fell particularly in ‘coke, refined petroleum products’. Lower were prices in ‘chemicals and chemical products’ (-2.2%), ‘electricity, gas, steam and air conditioning’ (-2.1%), ‘crude petroleum and natural gas’ (-1.5%), ‘computer, electronic and optical products’ (-1.3%) and ‘food products’ (-0.1%). On the increase were prices in ‘other mining and quarrying products’ (+0.3%) and ‘wearing apparel’ (+0.7%). Prices of industrial producers rose by 1.0% y-o-y (in April they went up by 1.4%). Higher were prices in ‘coke, refined petroleum products’. Prices increased in ‘electricity, gas, steam and air conditioning’ (+4.2%), ‘motor vehicles, trailers and semi trailers’ (+3.3%) and ‘repair and installation services of machinery and equipment’ (+4.8%). On the decrease were prices in ‘food products’ (-3.7%), thereof particularly ‘vegetable and animal oils and fats’ (-19.7%), ‘grain mill products, starches and starch products’ (-17.0%) and ‘prepared animal feeds’ (-16.2%). Lower were prices in ‘basic metals’ (-8.3%), ‘wood and products of wood and cork’ (-6.7%) and ‘crude petroleum and natural gas’ (-15.0%). Among the main industrial groupings, prices of ‘energy’ (+5.0%) and ‘capital goods’ (+3.1%) rose. Prices of ‘intermediate goods’ (-3.5%) fell. Prices of industrial producers excluding energy dropped by 0.6% y-o-y (-0.4% in April).

Construction work prices, as estimated, increased by 0.2% and prices of materials and products used in construction were lower by 0.2% m-o-m. According to the estimate, y-o-y construction work prices rose by 2.1% (+2.0% in April). Prices of materials and products used in the construction fell by 1.3% (-1.5% in April).

Service producer prices in the business sphere decreased by 0.2% m-o-m. Prices fell for ‘motion picture, video and television programme production services, sound recording and music publishing’ (-9.9%), ‘employment services’ (-2.5%) and ‘warehousing and support services for transportation’ (-0.6%). Service producer prices in the business sphere, excluding advertising services decreased by 0.2%. Service producer prices in the business sphere went up by 3.2% y-o-y (+3.4% in April ) . Prices rose for ‘real estate services’ (+7.7%) and ‘advertising and market research services’ (+7.1%). Prices were also higher for ‘ legal and accounting services‘ (+5.9%) and ‘employment services‘ and ‘publishing services’ (both +4.4%). Service producer prices in the business sphere, excluding advertising services, increased by 2.9% (+3.2% in April).

Industrial producer prices in the EU – April 2024 (preliminary data)
According to the Eurostat News Releases, industrial producer prices decreased in April by 0.7% in EU27 (in March they went down by 0.6%), m-o-m. The largest monthly decreases were recorded in France (-3.6%) and Croatia (-1.9%). Prices were lower in Austria (-0.8%) and Slovakia (-0.5%) and higher in Czechia, Germany and Poland (+0.2% all). The highest increases were observed in Denmark (+2.8%) and Ireland (+0.8%). Industrial producer prices fell in April by 5.5% (in March they went down by 7.6%) in EU27, y-o-y. The largest decreases were recorded in Slovakia (-22.8%), Ireland (-13.7%) and Bulgaria (-10.6%). Prices were lower in Austria (-8.6%), Poland (-8.3%) and Germany (-3.2%). The highest increases were observed in Luxembourg (+18.0%) and Czechia (+1.4%).

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