Industrial producer prices continued to be lower than last year, while agricultural producer prices began to rise

Industrial producers prices for the domestic market had significantly lower producer prices in October than last year, by almost 11%. This was significantly affected by a double-digit price drop in processing of petroleum products and energy sector, as well as the largest price drop in manufacture of transport equipment. For farmers, producer prices began increasing due to higher prices of crop products.

In October 2024, industrial producer prices for the domestic market were lower by 10.8% year-on-year. Lower producer prices than a year ago were recorded in 8 out of 16 monitored industrial sectors, a double-digit decrease was recorded in energy, by 23%, and in processing of petroleum products, by almost 26%. Prices in manufacture of transport equipment dropped by 3%, which was the largest decrease this year. On the contrary, the trend of increasing prices continued in water supply by 10.7% and manufacture of rubber and plastic products by 3.2%. Prices also increased slightly in manufacture of metal products, recording growth for the first time in 21 months. In a month-on-month comparison, prices dropped by 2%. In total, for the first ten months of 2024, industrial producer prices for the domestic market were lower by 10.6% year-on-year.

Industrial producer prices for the non-domestic market were lower by 0.6% year-on-year, and increased by 0.1% month-on-month. In total, for the first ten months of 2024, industrial producer prices for the non-domestic market were lower by 1.3% than a year ago.

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Agricultural product prices

In October, agricultural product prices were higher by 2.8% year-on-year. Crop product prices increased by 4%, an increase was recorded for the second time this year. Of crop products, the prices of oilseeds and fruits increased by 10.9%, cereals by 4.6%, vegetables, fruits, nuts and spices by 3.3%. Potato prices dropped by 0.7%. Animal product prices were higher by 0.9%. In particular, the price of slaughter cattle and calves, increased by 7% and cow's milk by 3.1%, while the price of hen edible eggs decreased by 13.1%. Since the beginning of the year, agricultural product prices have decreased by an average of 5.5%, due to lower prices of products by 7.8% and animal products by 2.3%.

Producer prices in construction

Construction work prices were higher by 5% year-on-year in the tenth month of 2024, they dropped by 0.2% compared to September, and rose by 5.5% in the first ten months.

Prices of materials used in construction were higher by 2.6% year-on-year in October, recording a growth for the second consecutive month and after a year of price declines. They rose by 0.2% month-on-month, and cumulatively since the beginning of the year they dropped by 1.1% year-on-year.