17.04.2024 Producer price indices - March 2024

Agricultural producer prices rose by 3.2% month-on-month (m-o-m) and went down by 13.2% year-on-year (y-o-y). Industrial producer prices decreased by 0.1% m-o-m and remained at the same level y-o-y. Construction work prices grew by 0.3% m-o-m and were higher by 1.6% y-o-y. Service producer prices in the business sphere increased by 0.7% m-o-m and rose by 4.1% y-o-y.

“In a year-on-year comparison, prices in industry remained stable. Prices in agriculture went down already for eleventh month in a row year-on-year, this time more than by 13 %. Construction work prices increased by 1.6% year-on-year and service producer prices in the business sphere by 4.1%,” noted Vladimir Klimes, head of Industrial and International Trade Prices Statistics Unit of CZSO.

Agricultural producer prices increased by 3.2% m-o- m¹⁾. Rising were prices of apples (+6.9%), pigs for slaughter (+3.0%), cattle for slaughter (+2.3%) and eggs (+1.9%). Falling prices were recorded for cereals (-1.2%) and poultry (-1.4%). Y-o-y, a gricultural producer prices were lower by 13.2% (-18.7% in February). In crop production, prices fell by 15.5 %. Prices for vegetables (-10.2%), oilseeds (-18.1%) and cereals (-31.3%) were lower. Prices of fruit (+59.0%) and potatoes (+24.2%) increased. In animal production, prices were lower by 10.5%. Decrease occurred in prices of eggs (-25.8%), milk (-14.4%) and poultry (-9.0%). Prices for pigs for slaughter (+2.3%) and cattle for slaughter (+1.3%) were higher.

Prices of industrial producers decreased by 0.1% m-o-m. Prices fell in ‘electricity, gas, steam and air conditioning’ (-1.5%), there of ‘electricity, transmission and distribution services’ (-2.1%). Prices went down in ‘fabricated metal products, except machinery and equipment’ (-0.8%), ‘wood and products of wood and cork’ (-0.9%) and ‘crude petroleum and natural gas’ (-1.3%). On the increase were prices in ‘chemicals and chemical products’ (+3.0%), ‘basic metals’ (+1.2%) and ‘food products’ (+0.7%), thereof ‘preserved meat and meat products’ (+1.1%). Prices of industrial producers stayed unchanged in total y-o-y (in February they decreased by 0.9%). Prices fell in ‘food products’ (-5.0%), thereof particularly ‘vegetable and animal oils and fats’ (-22.2%), ‘grain mill products, starches and starch products’ (-19.8%) and ‘prepared animal feeds’ (-17.8%). Lower were prices in ‘basic metals’ (-8.5%), ‘chemicals and chemical products’ (-5.1%) and ‘wood and products of wood and cork’ (-14.7%). Prices rose in ‘motor vehicles, trailers and semi trailers’ (+3.7%), ‘repair and installation services of machinery and equipment’ (+5.4%) and ‘electricity, gas, steam and air conditioning’ (+2.6%). Among the main industrial groupings, prices of ‘intermediate goods’ (-4.6%) and ‘non-durable consumer goods’ (-0.9%) fell. Prices of ’energy’ (+2.6%) rose. Prices of industrial producers excluding energy dropped by 1.1% y-o-y (-1.7% in February).

Construction work prices, as estimated, and prices of construction materials and products input increased equally by 0.3% m-o-m. According to the estimate, y-o-y construction work prices rose by 1.6% (as in February). P rices for c onstruction materials and products input fell by 1.8% (-1.9% in February) .

Service producer prices in the business sphere increased by 0.7% m-o-m due to rising prices for ‘advertising and market research services’ (+9.7%). Prices for ‘employment services’ (+2.6%) and ‘real estate services’ (+0.6%) increased. Service producer prices in the business sphere, excluding advertising services rose by 0.1%. Service producer prices in the business sphere went up by 4.1% y-o-y (+4.9% in February ) . Prices for ‘advertising and market research services’ and ‘employment services‘ rose by the same level (+10.3%). Prices were also higher for ‘ real estate services‘ (+8.0%), ‘ legal and accounting services‘ (+6.5%) and ‘computer programming, consultancy and related services’ (+6.4%). S ervice producer prices in the business sphere, excluding advertising services, increased by 3.7% (+4.3% in February ) .

Industrial producer prices in the EU – February 2024 (preliminary data)
According to the Eurostat News Releases, industrial producer prices decreased in February by 0.9%, like in January, m-o-m. The largest decreases were recorded in Estonia (-7.2%), Slovakia (-5.6%) and Ireland (-4.2%). Prices were lower in Austria (-0.9%) and Germany (-0.4%) and higher in Czechia (+0.5%) and Poland (+0.3%). The highest increase was observed in Belgium (+1.4%). Industrial producer prices fell in February by 8.1% (in January they went down by 7.9%) in EU27, y-o-y. On the decrease were prices particularly in Slovakia (-25.5%), Ireland (-24.2%) and Italy (-14.2%). Prices were lower in Austria (-10.5%), Poland (-10.0%), Germany (-4.1%) and Czechia (-0.9%). The highest increase was observed in Luxembourg (+17.2%).

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¹⁾ The month-on-month agricultural producer price index is also affected by changes in the structure of weights.

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