The price decrease of industrial producers and of construction materials continued for the second consecutive month

Lower industrial producer prices continue to be supported mainly by the decline in small sectors, while prices in the most important sectors and in the energy sector recorded a further slowdown in growth dynamics. The prices of building materials also continued to drop, though at a more moderate pace, up to 3%. The continued decline in prices of agricultural products by more than a fifth was mainly influenced by a cheap crop production.

Industrial producer prices for the domestic market in October 2023 were lower by 2.3% year-on-year, and prices were higher by 0.4% month-on-month. Among the 16 monitored sectors, prices were lower year-on-year in 6, less important sectors of industry. Although prices were higher year-on-year in the other 10 industrial sectors, the trend of slowing price growth continued in most of them. Year-on-year growth continued in important sectors such as manufacture of transport equipment by 7% and manufacture of rubber and plastic products by 5.6%. In the energy sector, price growth continued to moderate, prices were higher by 2.8% year-on-year. On the contrary, the gradual price increase was recorded in the supply of water, in October the growth exceeded the double-digit limit by 10% for the first time. In summary, in the first ten months of 2023, industrial producer prices for the domestic market increased by 15%.

Industrial producer prices for the non-domestic market decreased year-on-year by 1.4%, they remained month-on-month at the level of the previous month. In total, for the first ten months of 2023, industrial producer prices for the non-domestic market were higher than a year ago by 4.1%.

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Producer prices of agricultural products

In October, the prices of agricultural products were lower by 21.8% year-on-year. Prices of crop products dropped by almost 30% compared to the corresponding period last year, the decrease was due to lower prices of cereals by 42.7% and oilseeds and fruits by 36%. The prices of potatoes continued to increase by 36.7% and the prices of vegetables, fruits, nuts and spices by 25.8%. The prices of animal products increased by 3%, but the dynamics of their growth moderated significantly. The growth was mainly supported by higher prices of hen edible eggs by 21.4% and prices of slaughter pigs by 20.2%. Prices of cow milk dropped by 11.3%. Since the beginning of the year, the prices of agricultural products decreased by an average of 7.5% due to lower prices of crop products by 19.8% and higher prices of animal products by 19.5%.

Producer prices in construction

In October, the prices of construction works were higher by 7% year-on-year, compared to September they dropped by 0.2%. In total for the first ten months of 2023, construction works rose by 12.3% year-on-year.

In October, the prices of construction materials were lower by 2.5% than a year ago, compared to September 2023 they were lower by 1.4%. In total, since the beginning of the year, the prices of construction materials were higher by 4.3% year-on-year.