Prices of both industrial producers and farmers continued to decrease year-on-year at a double-digit rate

A decline in industrial producer prices for the domestic market continued for the fourth consecutive month, in April 2024 prices decreased year-on-year by more than 13%. The overall result was influenced by lower prices of energy by a third and lower prices in manufacture of transport equipment that persisted the last three months. The double-digit rate of decline in prices of agricultural products has been maintained since July 2023.

Industrial producer prices for the domestic market decreased year-on-year by 13.4% in April 2024. This was mainly affected by the drop in energy prices by up to 28.9%. Lower prices in manufacturing were supported by manufacture of transport equipment by 0.5%, manufacture of metals by 5.3%, manufacture of food, beverages and tobacco by 3.3%, and also manufacture of rubber and plastic products by 1.1%. Price increase continued in water supply by 9.4%. In a month-on-month comparison, prices declined by 0.5%. In total, for the four months of 2024, industrial producer prices for the domestic market dropped by 12%.

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From January 2024, the values of year-on-year indices were recalculated in connection with changes in the data calculation methodology¹⁾.

Industrial producer prices for the non-domestic market decreased year-on-year by 1.8% and remained at the same level month-on-month. In total for the four months of 2024, industrial producer prices for the non-domestic market were lower than a year ago by 2.3%.

Producer prices of agricultural products

In April, prices of agricultural products decreased year-on-year by 10.2%, and have remained in decline for the last ten months. Prices of crop products were lower than in the same period last year by 22.5%, they were mainly driven down by prices of cereals by 34.1%. Prices of vegetables, fruits, nuts and spices increased by 11.8% and potatoes by 20.2%. Prices of animal products fell by 2%, the rate of decline was the mildest in the last six months. Prices of hen edible eggs decreased by 15.6% and cow milk by 13%. Prices of beef slaughtered and calves increased by 9.6%. Since the beginning of the year, prices of agricultural products declined by an average of 13.6% due to lower prices of crop products by 24.5% and animal products by 3.9%.

Producer prices in construction

In the fourth month of 2024, prices of construction works increased year-on-year by 5.1%, but the growth rate decreased by 0.2% compared to March. In total for the four months of 2024, construction work increased year-on-year by 5.7%.

Prices of construction materials declined year-on-year by 2.7% in April, falling for eight consecutive months. Compared to March, prices decreased by 0.4%. In total since the beginning of the year, prices of construction materials decreased year-on-year by 2.4%.