In a significant shift in the Czech economic landscape, industrial producer prices experienced their first year-on-year decline in February, dropping by 0.1 percent. However, this decline isn’t uniform across all sectors, as other areas continue to show price increases, according to the Czech Statistical Office.
The industrial sector saw notable decreases in several areas, with electricity, gas, steam, and air conditioning prices falling by 1.6 percent, and coal prices dropping by eight percent. Basic metals also experienced a 2.5 percent reduction. However, food production costs increased by 2.5 percent, with dairy products showing a substantial rise of 12.5 percent.
The agricultural sector painted a mixed picture, with crop production prices rising by 8 percent. Oilseed prices surged by 24.7 percent, while fruit prices increased by 21.2 percent. In contrast, potatoes and vegetables became more affordable, with prices dropping by 21.5 and 24 percent respectively.
Construction materials and products showed a modest year-on-year increase of 0.9 percent, while market services for businesses saw significant growth in several areas. Security and investigation services led with a 12.1 percent increase, followed by programming and broadcasting services at 11 percent.
The latest foreign trade data reveals that export prices rose by four percent while import prices increased by 3.9 percent, primarily influenced by the weakening of the Czech crown against the euro and dollar.