After more than 2 and a half years, industrial producer prices and materials in construction production started to decrease year-on-year

Industrial producer prices decreased after a long time, mainly under the influence of more than 10% price reduction in small sectors and a significant slowing down of the dynamics of price growth in energy sector. For the first time since the beginning of 2021, prices of construction materials used by construction manufacturers also decreased year-on-year.

Industrial producer prices for the domestic market declined year-on-year by 2% and increased by 0.5% month-on-month in September 2023. The decrease in prices was recorded for the first time since February 2021. Among the 16 monitored sectors, prices were lower year-on-year in 6, less important sectors, but in 4 of them the decrease was greater than 10%. Although prices were higher year-on-year in the other 10 industrial sectors, a trend of slowing price growth continued in most of them. The continued sharp slowdown in price growth in energy sector, where prices increased year-on-year only by 4%, also had a significant impact. Even at the beginning of this year, price increases were at the level of around 60%. In important industrial sectors, such as manufacture of transport equipment, prices were higher than a year ago by 4.2%, and in manufacture of rubber and plastic products by 8.3%. In total, for the first nine months of 2023, industrial producer prices for the domestic market increased by 16.9%.

Industrial producer prices for the non-domestic market decreased year-on-year by 0.6%, they remained month-on-month at the level of the previous month. In total, for the first nine months of 2023, industrial producer prices for the non-domestic market were higher than a year ago by 4.7%.

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Producer prices of agricultural products

Prices of agricultural products decreased year-on-year by 18% for the third consecutive month in September 2023. This situation was mainly influenced by lower prices of plant products by 26% year-on-year, they have been affecting more than a third of year-on-year declines in prices of cereals, as well as oil seeds and fruits for several months.

A more significant decrease in producer prices of agricultural products was dampened by higher prices of animal products by 7.2% year-on-year. Prices of hen edible eggs continued to increase by more than 40% and prices of pigs slaughtered by almost 18%. On the contrary, prices of cow milk dropped by 6.1% compared to September 2022. In total, prices of agricultural products fell by 4.9% since the beginning of the year.

Producer prices in construction

In September, prices of construction works increased year-on-year by 8%, compared to August they increased by 0.1%. In total, for the first nine months of 2023, construction works rose year-on-year by 12.9%.

In September, prices of construction materials were lower than a year ago by 3.3%, compared to August 2023 they fell by 1.8%. A year-on-year decrease in prices was recorded for the first time since January 2021. In total, since the beginning of the year, prices of construction materials increased year-on-year by 5.1%.