Industrial producers also kept prices lower year-on-year in December, farmers raised prices for the third consecutive month

On average, for the entire year 2024, production prices in industry dropped by more than 10%, in agriculture by more than 3%. Construction enterprises slightly increased the prices of works during last year, but materials became slightly cheaper.

The prices of industrial producers for the domestic market were lower by 7.1% year-on-year in December 2024.  In total, out of 16 industrial sectors, only 5 showed a decrease in prices, but this was enough for the average prices for the entire industry to show a decrease. The most significant impact was the drop in energy prices by more than 19%. In a month-on-month comparison, the prices of industrial producers for the domestic market increased by 1.3%.

On average, for the entire year 2024, the industrial producer prices for the domestic market dropped by 10.1%, the price reduction was reflected in 10 out of 16 industrial sectors. The price drop in electricity, gas and steam supply was significant, by more than 22%. At the same time, in 2024, compared to 2023, prices in manufacture of coke and oil decreased by more than 5%, as well as in the wood and paper industry, but also in the chemical industry, or in manufacture of computers and electronics.

The prices of industrial producers for the non-domestic market recorded a year-on-year increase by 0.6%, increased by 0.1% month-on-month, and on average for the entire year 2024 were lower than a year ago by 1.1%.

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Agricultural product prices

The growth of agricultural product prices slowed down in December 2024, farmers sold products by 4.7% more expensive than a year ago. The prices of crop products were higher by 2.8% year-on-year, more significant growth was seen in cereals (+12.9%), legumes (+21.9%), as well as oil seeds and fruits (+15.4%). On the other hand, the prices of vegetables (-15.9%) and potatoes (-8.9%) recorded year-on-year price drops.

The prices of animal products were higher by 8.1% in the last month of the year. Producers sold slaughter cattle and hen edible eggs more expensive than a year ago by more than 10%, cow's milk became more expensive by 6.7%.

On average, for the entire year 2024, the agricultural product prices decreased by 3.4%, a more dynamic decrease was seen in both crop products (-5.1%) and animal products (-0.9%). Cereals recorded a price reduction by more than 10%, and legumes also experienced a milder decline. The part of some vegetable products at the producers increased by more than 10% for vegetables and potatoes. In livestock production, the average producer prices of milk and sheep's wool decreased year-on-year. Eggs also became cheaper, even though after 10 months of positive price reduction there was a sharp increase in producer prices in the last two months of the year. During 2024, producers sold slaughter cattle and pigs, sheep and fish more expensively than in 2023.

Producer prices in construction

Construction work prices were up by 4.1% year-on-year during December 2024, which was the lowest value since June 2021. Compared to November 2024, they increased by 0.7%, on average for the whole year 2024, price growth reached 5.4%.

The prices of materials used in construction in December increased by 0.8% month-on-month, were higher by 2% year-on-year, and decreased by 0.6% on average for the entire year.