Czech industrial producer price growth ticks up to 0.6% y/y in Sept, touch above forecast

By bne IntelliNews October 15, 2013

Czech annual industrial producer price inflation slightly accelerated to 0.6% in September 2013 from 0.5% the month before, data from the statistics office showed. The reading was a touch above market expectations for a 0.5% y/y growth, according to a Reuters poll.

Manufacturing producer charges, which have the strongest weight in the index, posted a zero annual growth in Sept reversing from a 0.3% drop in the previous month helped by rising prices of transport equipment and machinery.

Prices of electricity, gas, steam and air conditioning as well as water supply charges continued increasing in September keeping the pace of expansion from August - at 3.6% and 5.7%, respectively. Mining and quarrying charges, on the other hand, fell for the third straight month in September declining by 3.6%, deepening from a 1.2% drop in August.

In monthly terms, industrial producer prices in the country edged up by 0.1% in September, following a 0.1% fall in August. Analysts poll by Reuters were expecting the PPI to be flat on the month in Sept.

Agricultural producer prices fell for the second month in a row in September going down by 0.1% after a 0.2% drop in August. The decline in September came as crop prices shrank by 4.9% and the growth in animal products prices eased to 7.4% from 7.6% in August. On a monthly basis, agricultural prices dropped 1.8% in the ninth month of 2013, after a 4.7% decrease in the previous month.

Construction work prices decreased by 1.3% y/y but were higher by 0.1% m/m in Sept and prices of market services fell by an annual 1.9% and rose by 1.5% on a monthly basis.

The PPI inflation in the Czech Republic eased to 2.2% in 2012 from 5.6% in 2011. The Sept data indicates that the consumer price inflation, which eased to a 3.5-year low of 1% last month, will remain subdued in the following months.

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