Producer prices in agriculture rose last year

Producer prices in the Czech Republic rose last year. They increased by 31.8 percent year-on-year in agriculture, 24.3 percent in industry, 12.3 percent in construction work, and 5.8 percent in business marketing services.

In December, year-on-year growth in agriculture and industry slowed, while it was slightly faster for construction work and market services. The Czech Statistical Office (CSO) published the data on Monday. Producer prices give an indication of future price developments for consumers.

“The year-on-year growth of all producer prices continued in December,” said Vladimír Klimeš, head of the CSO’s Industrial Prices and Foreign Trade Statistics Department.

Industrial producers increased prices by 20.1 percent in December compared to the previous year, while agricultural producers increased prices by 27.3 percent. Construction work prices rose by 12.2 percent year-on-year in the last month of last year, while the prices of market services for businesses rose by 7.3 percent.

Compared with November, construction work and market services prices increased by 0.6 percent. Agricultural producer prices rose 1.7 percent month-on-month, while industrial prices fell 1.1 percent.

Consumer prices, which include producer prices, rose 15.8 percent year-on-year in December, the CSO reported earlier. The pace of inflation has thus slowed, with prices up 16.2 percent year-on-year in November. The average inflation rate for the whole of last year was 15.1 percent, the highest since 1993, according to the CSO.