The price growth of agricultural products accelerated, industrial producers kept their production prices lower than last year

Agricultural product prices rose the fastest this year in November, growth exceeded 6%. Industrial producers still sold products cheaper by almost 9% than a year ago. The growth of construction work prices was the slowest in three and a half years.

In November 2024, the prices of industrial producers for the domestic market were lower by  8.9% year-on-year. Only 6 of the 16 monitored industrial sectors maintained lower prices. Two sectors recorded a double-digit decline, i.e. energy by 20.4% and manufacture of coke and petroleum products by 19.7%. Lower prices in industry also contributed to the cheaper manufacture of transport equipment by 2.7%. On the contrary, the trend of increasing prices continued in water supply by 12.1%, manufacture of rubber and plastic products by 3.8% and manufacture of machinery and equipment by 5.9%. In a month-on-month comparison, prices dropped by 0.4%. In total for the first eleven months of 2024, industrial producer prices for the domestic market were lower by 10.4% year-on-year.

Industrial producer prices for the non-domestic market were lower by 0.1% year-on-year, they increased by 0.2% month-on-month. In total for the first eleven months of 2024, industrial producer prices for the non-domestic market were lower by 1.2%  than a year ago.

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Agricultural product prices In November, the year-on-year increase of agricultural product prices accelerated by 6.1%. The crop product prices rose by 7.1%, the third time this year. Of crop products, the prices of cereals rose by 11.8%, cereals by 19.8%, oilseeds and fruits by 12%, and fruits and nuts by 17.6%. The prices of vegetables and potatoes decreased. The prices of animal products were higher by 5.4%. In particular, the price of slaughter cattle and calves, increased by 10.8%, hen edible eggs by 10.6% and cow's milk by 5.3%. Since the beginning of the year, the prices of agricultural products dropped by an average of 4.2%, due to lower prices of crop products by 6% and animal products by 1.7%.

Producer prices in construction

Construction work prices were up 4.5% year-on-year in the eleventh month of 2024, which was the slowest pace of growth since June 2021. Compared to October, they were only up slightly by 0.1%, rising 5.4% over the eleven months.

The prices of materials used in construction were higher by 1.9% in November compared to the year before, they recorded growth for the third consecutive month and after a year of price reduction. They dropped by 0.8% month-on-month, cumulatively since the beginning of the year they reached a year-on-year decrease by 0.8%.