Industrial producer prices for the domestic market and producer prices of agricultural products remained lower than a year ago

Since the beginning of the year, the decline in industrial producer prices for the domestic market has continued, prices were still lower by more than 9% year-on-year. The overall result was influenced by prices of energy that were lower by a fifth, but also again by a drop in prices in manufacture of transport equipment. Prices of agricultural products were lower than last year, but the decrease was the slowest in the last thirteen months, not exceeding 3%.

 Industrial producer prices for the domestic market declined by 9.1% year-on-year in July 2024. A 20.7% drop in energy prices contributed to this. Prices were again lower in manufacture of transport equipment by 1.2%, the decline in prices continued in other significant sectors such as manufacture of metal by 3.5% and manufacture of food, beverage and tobacco by 2.6%. The increase in prices was recorded again in water supply by 10%, and also in manufacture of rubber and plastic products by 0.2%. In a month-on-month comparison, prices rose by 1.8%. In total, for the seven months of 2024, industrial producer prices for the domestic market fell by 11.1%.

Industrial producers for the non-domestic market were higher by 0.3% year-on-year, they increased by 0.4% month-on-month. In total, for the seven months of 2024, industrial producer prices for the non-domestic market were by 1.6% lower than a year ago.

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Producer prices of agricultural products

In July, prices of agricultural products decreased by 2.9% year-on-year, which was the slowest rate of decline since July last year, when prices began to fall. Prices of crop products were by 3.7% lower than in the same period last year, the decrease in prices of animal products moderated, by 0.6%. As for the crop products, prices of cereals fell by 9.9% and oilseeds and fruits by 1.3%. Prices of vegetables, fruits, nuts and spices increased by 16.5%. As for the animal products, prices of hen edible eggs fell by 17.9% and cow milk by 4%, while prices of beef slaughtered and calves rose by 10.5%. Since the beginning of the year, prices of agricultural products dropped by an average of 9.7% due to lower prices of crop products by 15.9% and animal products by 3.5%.

Producer prices in construction

Prices of construction work rose by 5.2% year-on-year in the seventh month of 2024, but the pace of growth moderated compared to June. In total, for the seven months of 2024, construction work increased by 5.6% year-on-year.

Prices of construction materials increased by 1.6% year-on-year in July, declining for eleven consecutive months. Compared to June, prices were slightly lower. In total, since the beginning of the year, prices of construction materials declined by 2% year-on-year.