Prices of agricultural products continued to decline, affecting by prices of crop production recorded a decrease by 20%

A significant drop in producer prices of crop products also overshadowed the continuing, almost 10% rate of increase in prices of animal production. The gradual slowdown of growth dynamics also continued in producer prices in industry, construction works and material prices.

Industrial producer prices for the domestic market increased year-on-year by 6%, and fell month-on-month by 0.3% in August 2023. Among the 16 monitored sectors of industry, they increased year-on-year in 10. The overall result was mainly influenced by continuing significant increase in prices of electricity and gas supply by 20.6%, although a growth also moderated. Industrial producer prices for the domestic market recorded a year-on-year decrease for the third consecutive month, by 1.1% in August, due to a drop in prices in manufacture of metals and fabricated metal products by 10.5%, in manufacture of petroleum products by 19% and in manufacture of chemicals and chemical products by 19.1%. Despite the overall decline in industrial production, the year-on-year increase in prices was maintained by important sectors, namely manufacture of transport equipment by 4.9% and manufacture of rubber and plastic products by 10.9%. In total, for the first eight months of 2023, industrial producer prices for the domestic market increased by 19.3%.

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Industrial producer prices for the non-domestic market decreased year-on-year by 0.4%, they increased month-on-month by 0.3%. In total, for the first eight months of 2023, industrial producer prices for the non-domestic market were higher than a year ago by 5.4%.

Producer prices of agricultural products

In August, prices of agricultural products declined year-on-year by 19.6% due to a significant drop in prices of crop products by 26.7%. Prices of animal products grew by only single digits, by 9.8%. As for the crop products, prices of cereals fell by 40.7% and prices of oilseeds and fruits by 37.5%. Prices of potatoes rose by 43.1% and vegetables, fruits, nuts and spices by 22%. From animal products, prices of hen edible eggs increased by 41.6% and prices of pigs slaughtered by 24.1%.

Since the beginning of the year, prices of agricultural products decreased by an average of 2.4% due to lower prices of vegetable products by 15.9% and, on the contrary, due to higher prices of animal products by 23.6%.

Producer prices in construction

Prices of construction works increased year-on-year by 9.3%, decreased month-on-month by 0.2% in August. In total, for the first eight months of 2023, construction work was up by 13.4% year-on-year.

Prices of construction materials increased year-on-year by 2.6%, fell by 1.3% in August, compared to July 2023. In total, since the beginning of the year, a year-on-year growth reached 6.1%.