Industrial producer prices continued to decrease mainly due to lower energy prices

The year-on-year decline in industrial producer prices for the domestic market continued for the third consecutive month, again in double digits, by 15% in March. The overall result was significantly influenced by 30% lower energy prices, but also by lower prices in manufacture of transport equipment the second consecutive month. Prices of agricultural products recorded a year-on-year decrease for the tenth consecutive month.

Industrial producer prices for the domestic market were by 15% lower twice consecutively in March 2024. This was mainly affected by a decline in energy prices by up to 31%. The decline in prices was affected by lower prices in strong sectors, namely in manufacture of transport equipment by 2.1%, manufacture of metals by 4.8%, manufacture of food, beverages and tobacco by 3.6%, as well as a further decrease in manufacture of rubber and plastic products by 1.8%. Prices continued to increase also in water supply by 10.8%. In a month-on-month comparison, prices fell by 0.2%. In total, for the three months of 2024, domestic industrial producer prices dropped by 11.5%.

Industrial producer prices for the non-domestic market decreased year-on-year by 2.8%, they increased month-on-month by 0.2%. In total, for the three months of 2024, industrial producer prices for the non-domestic market were by 2.4% lower than a year ago.

Download high resolution chart format PDF (73 kB) or PNG (135 kB).

The Statistical Office of the Slovak Republic would like to inform that from the publication of data for January 2024, it is moving to the new base period of 2021 (in agriculture for 2020), to which the entire time series of monthly data have been recalculated. This change in price statistics will affect the basic indices (Changes in selected indicators of monthly statistics PDF – 183 kB).

Producer prices of agricultural products

In March, prices of agricultural products declined year-on-year by 12.8%. Prices of crop products were by 20.5% lower than in the same period last year, prices of animal products decreased by 7%. As for the crop products, prices of cereals fell by 34.8% and prices of oilseeds and fruits by 22.4%. Prices of vegetables, fruits, nuts and spices increased by 8.9% and prices of potatoes by 23.5%. As for the animal products, prices of cow milk decreased by 15.9%. On the contrary, prices of pigs slaughtered rose by 7.9%. Since the beginning of the year, prices of agricultural products decreased by an average of 14.7% due to lower prices of crop products by 25% and animal products by 4.4%.

Producer prices in the construction

Prices of construction works increased year-on-year by 5.5% in the third month of 2024, but the growth rate rose by 0.7% compared to February. In total, for the three months of 2024, construction work was up year-on-year by 5.9%.

Prices of construction materials decreased year-on-year by 2.9% in March, declining the seven consecutive months. Compared to February, prices increased by 1.4%. In total, since the beginning of the year, prices of construction materials dropped year-on-year by 2.3%.