Producer prices in both industry and agriculture dampen their growth

The year-on-year growth of industrial producer prices for the domestic market dropped  below 15% for the first time since December 2021. Lower prices in crop production contributed to the slowdown in price growth in agricultural production, the year-on-year drop in crop product prices was last recorded in June 2020.

Industrial producer prices for the domestic market were higher by 14.2%, year-on-year in April 2023 and dropped by 2.3% month-on-month. The current growth was significantly lower than in previous months, when price growth exceeded 27%. Of the 16 monitored sectors of industry, year-on-year price growth was reflected in 13, and in 3 sectors, prices were lower year-on-year. A positive development trend is that the dynamics of price growth is slowing down in most manufacturing sectors.

The highest price growth was still in the field of energy (in supply of electricity and gas), year-on-year growth in April reached more than 33%, but in the previous months it exceeded 55%. In the most important sectors of Slovak industry - in manufacture of transport equipment, prices were higher by 7.4% year-on-year and in manufacture of rubber and plastic products by 17.4%. On the contrary, year-on-year producer prices were lower in manufacture of basic metals and fabricated metal products by 6.3% and also in the processing of petroleum products by 22.5%.

In total, for the four months of 2023, industrial producer prices for the domestic market increased by 15.1%.

Industrial producer prices for the non-domestic market were higher by 3.8% year-on-year, and dropped by 1.1% month-on-month. In total for the four months of 2023, industrial producer prices for the non-domestic market were higher than a year ago by 9.2%.

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Producer prices of agricultural products

The growth of prices of agricultural products in April slowed significantly year-on-year to 9.1%, which is only half the value of the previous months. Prices of crop products even became lower year-on-year by 8%, this result was mostly influenced by the drop in cereal prices by 15.2%. The prices of animal products were higher by almost 24%, which is a third lower value compared to the year-on-year growth in the previous months. Hen edible eggs continued to be more expensive year-on-year by more than 70%, the growth of raw cow's milk prices decreased to 28%.

Since the beginning of the year, the prices of agricultural products increased by an average of 22.1%, while the prices of crop products were higher by 12.3% and animal products by 32.7%.

Producer prices in construction

Prices of construction works increased by 14.1% year-on-year, compared to March 2023 by 0.5%. In total for the four months of 2023, they were higher by 15.9% year-on-year.

Prices of construction materials were higher by 4.9% year-on-year, compared to March 2023 they dropped by 0.6%. In total, since the beginning of the year, year-on-year growth has reached 9.8%.