Producer prices in the Czech Republic continued to increase year-on-year in October, but growth moderated in industry, agriculture, construction and services. Agricultural producer prices rose once again more significantly by 27.1%.
Compared to last year, producer prices in industry increased yoy by 24.1 percent, in construction by 12 percent and in market services to businesses by 6.3 percent. Farm producer prices rose more significantly by 27.1% year-on-year but were down from September. Data alone today website published by the Czech Statistical Office (CZSO). Producer prices indicate the future price development for consumers.
In a month-to-month comparison, farm producers’ prices fell by three percent. Prices of industrial producers increased by 0.6% compared to September, construction works were more expensive by 0.3% and market services for businesses by 0.1%.
Consumer prices, which reflect producer prices, rose 15.1% year on year in October, CZSO announced earlier. The inflation rate has slowed down, with prices rising 18% year-on-year in September. Government measures to reduce energy prices have helped. On a monthly basis, consumer prices fell 1.4% in October.
“In October, prices of all producers slowed down their year-on-year growth,” said Vladimír Klimeš, head of the statistics department of industry and foreign trade at the CZSO. In September, prices in agriculture increased year-on-year by 33.6%, in industry by 25.8%, in construction works by 12.6% after the estimate was refined, and in market services by 6 .8%.
October prices in agriculture increased yoy by 23.6% in agricultural production and 35.4% in livestock production. Grain prices have risen by almost half, potatoes and oilseeds by more than a quarter and fresh vegetables by a fifth. Fruit prices, on the other hand, fell by a tenth. Prices for slaughter pigs have risen by more than 52%, egg prices have risen by 42%, milk by more than a third and poultry and livestock by more than a quarter.
In industry, compared to last October, the prices of electricity, gas, steam and air conditioning increased by almost 57 percent, and substances and chemicals by about 27 percent. Mines and quarries increased by almost a quarter, rubber and plastics by 21%. In the food industry, prices increased by 25.8%, including ground and starchy products by 57%. “When evaluated by major industry groups, energy prices were 49.3% higher and consumer goods prices were 23% higher,” the CZSO said.
In the services sector, prices rose about 15% year-on-year in October, including for warehousing and transportation support services, advertising services and employment services.
