Industrial producer prices continued to decrease, they were mainly affected by lower energy prices

The year-on-year decline in industrial producer prices for the domestic market lasting since the beginning of the year was at the level of 11.2% in May. This decrease was mainly due to lower energy prices by more than a quarter, but the renewed increase in prices in manufacture of transport equipment contributed to its moderating. Prices of agricultural products fell by a tenth, thus continuing the trend of year-on-year decreasing since last summer.

Industrial producer prices for the domestic market decreased year-on-year by 11.2% in May 2024. This was mainly caused by a drop in energy prices by up to 26.5%. Lower prices also remained in manufacture of metals by 4.6%, in manufacture of food, beverages and tobacco by 2.8% and also in manufacture of rubber and plastic products by 1.1%. An increase in prices was recorded again in manufacture of transport equipment by 3.3%, and prices for water supply continued to rise by 9.4% year-on-year. In a month-on-month comparison, prices grew by 0.6%. In total, for the five months of 2024, industrial production prices for the domestic market dropped by 11.7%.

Industrial producers for the non-domestic market decreased year-on-year by 1.7%, and increased month-on-month by 0.3%. In total, for the five months of 2024, industrial producer prices for the non-domestic were lower than a year ago by 2.2%.

Producer prices of agricultural products

In May, prices of agricultural products declined year-on-year by 10.1%. Prices of crop products were lower than in the same period last year by 19.6%, and prices of animal products decreased also by 5.6%. As for the crop products, prices of cereals fell by 26.1% and of oilseeds and fruits by 23%. Prices of vegetables, fruits, nuts and spices increased by 37.9%. As for the animal products, prices of hen edible eggs decreased by 24.5% and cow milk by 11.3%, while prices of beef and calves slaughtered rose by 10.9%. Since the beginning of the year, prices of agricultural products dropped by an average of 13.1% due to lower prices of crop products by 23.9% and animal products by 4.2%.

Producer prices in construction

Prices of construction works increased year-on-year by 5.7% in the fifth month of 2024, but the growth rate rose by 0.6% compared to April. In total, for the five months of 2024, construction work was up year-on-year by 5.7%.

Prices of construction materials decreased year-on-year by 2% in May, falling for nine consecutive months. Compared to April, prices rose by 0.9%. In total, since the beginning of the year, prices of construction materials decreased year-on-year by 2.3%.