The growth of output prices in industry was dynamic in animal products and in manufacture of transport equipment

The year-on-year growth of industrial producer prices for the domestic market remained above 30% even in the first month of 2023. The prices of agricultural and animal products once again moved their maximums higher, approaching 40%. In construction, the producer prices of works slowed down their pace of growth, but materials rose again to 15%.

Industrial producer prices for the domestic market were higher by 33.6% year-on-year in January 2023 and rose by 8.6% month-on-month. Similar to the previous months, the development was mainly influenced by the increase in prices in the supply of electricity and gas by almost 66% year-on-year. Other important sectors in the structure of Slovak industry also saw dynamic price increases – in manufacture of transport equipment, producer prices were higher by 12% year-on-year, in manufacture of food and beverages by almost 27%, and in manufacture of rubber and plastic by almost 20%.

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At the same time, the growth rate of producer prices in the processing of petroleum products maintained a downward trend, currently the prices in this industrial sector were only 27% higher year-on-year. The only sector in which prices slightly decreased year-on-year was manufacture of basic metal and fabricated metal products.

Industrial producer prices for the non-domestic market were higher by 13.4% year-on-year and increased by 1.4% month-on-month.

Prices of agricultural products

The prices of agricultural products in January 2023 reached year-on-year higher values ​​by 34.4%. In a year-on-year comparison, both crop and animal products maintained their price growth above 30%. Dynamic year-on-year trends persist for potatoes (+49%), cereals (+37%), but also the prices of raw cow milk (+47%) and especially for the prices of hen table eggs, which had producer  prices higher year-on-year by up to 78%.

Prices of construction works and materials

Compared with December 2022, the prices of construction works increased by 1.6%, year-on-year growth reached 18.6%. The prices of construction materials were higher by 15% year-on-year, compared to December 2022 they increased by 1.8%.