Prices of agricultural products decreased by almost a quarter due to significantly cheaper crop production

A significant fall in the producer prices of crop products overshadowed the still continuing double-digit rate of increase in prices of animal production and thus stopped the growth in prices of agricultural products lasting from February 2021. The moderation of growth dynamics also continued in industrial producer prices and construction work.

Industrial producer prices for the domestic market rose by 13.6% year-on-year in July 2023, and it increased by 1.3% month-on-month. Among the 16 monitored sectors of industry, prices increased year-on-year in 10. The overall result was influenced, similarly to previous months, mainly by a high increase in producer prices in electricity and gas supply by 41.1%. Industrial producer prices for the domestic market recorded the second year-on-year decrease this year by 2.4%, due to a drop in prices in manufacture of metals and metal structures by 9.1%, in manufacture of petroleum products by 36.5% and in manufacture of chemicals and chemical products by 23%. Despite the overall decline in industrial production, the year-on-year increase in prices was maintained by important sectors, i.e. manufacture of transport equipment by 5.6% and manufacture of rubber and plastic products by 13%. In total, for the first seven months of 2023, industrial producer prices for the domestic market increased by 21.2%.

Prices of industrial producer prices for the non-domestic market were higher by 1% year-on-year, and fell by 0.9% month-on-month. In total, for the first seven months of 2023, industrial producer prices for non-domestic market were higher than a year ago by 6.2%.

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Producer prices of agricultural products

In July, prices of agricultural products decreased by 22.2% year-on-year, they declined for the first time since the beginning of 2021. Prices of crop products were by 30% lower than the last year, prices of animal products increased by 14.4%. As for the crop products, prices of oilseeds and fruits fell by 37.9% and prices of cereals by 37.2%. Prices of potatoes increased by 42.2% and prices of vegetables, fruits, nuts and spices by 23.5%. As for the animal products, prices of hen edible eggs increased by 50.3%, prices of pigs slaughtered by 25.8% and prices of cow milk by 5.4%.

Since the beginning of the year, prices of agricultural products rose by an average of 3% due to lower prices of crop products by 11.5% and higher prices of animal products by 25.8%.

Producer prices in construction

Prices of construction works rose by 10.1% year-on-year, and rose by 0.7% month-on-month in July. In total, for the first seven months of 2023, prices of construction work was by 14% higher year-on-year.

Prices of construction materials were by 2.9% higher year-on-year in July, compared to June 2023 they increased by 0.8%. In total, since the beginning of the year, a year-on-year growth reached 6.6%.