Slovakia's producer price inflation eases to 1.9% y/y in Nov 2012.

By bne IntelliNews January 2, 2013
Slovakias annual industrial producer price inflation eased for the second month in a row in November 2012 when prices increased by 1.9% after a 2.3% rise in October, data from the statistics office showed. Industrial producer prices on the domestic market rose 3.9% y/y, slowing down from a 4.2% annual growth a month earlier. The industrial producer price inflation was pushed up by a 10.6% jump in the prices of coke and refined petroleum products, following a 16.6% surge in the previous month. Export producer prices grew 0.8% after increasing 1.3% in October. On a monthly basis, producer prices moved 0.4% lower in November after a 0.1% decline in October. On the domestic market, prices edged down 0.1% m/m after a 0.3% rise in the previous month, while export prices declined 0.6% after falling 0.3% in October. Agricultural producer prices jumped 21.4% y/y in November, following a 13.5% growth in October, as crops prices surged 32.7% following an 19.2% rise in October. The producer prices of animal products rose 5.3%, following a 2.5% growth in October. Prices of construction works rose 1% y/y last month and prices of construction materials and components increased by 1.6%. IntelliNews comment: Producer prices are a key preliminary indicator for the dynamics in consumer price inflation in the following month. The inflation dynamics in crops prices shows that the drought in North America, which boosted the global prices of wheat and corn by about 35% in June, is increasingly affecting Slovak prices. Slovakias finance ministry revised in September its inflation outlook for 2012 and 2013 to 3.7% (from 3.5%) and 3.1% (from 2.5%), respectively, mainly due to a higher-than-expected growth in food prices. It said that the growth in global food prices would affect Slovakias consumer prices in the fourth quarter of this year and will transfer also in the first months of next year. According to local bank analysts, the growth in food prices, which reached 4.8% y/y in August, would speed up to over 7% by year-end and would continue accelerating at the beginning of 2013 as a result of a delayed effect of the drought. The November producer price inflation data indicates that consumer price inflation could ease in December from its November levels of 0% m/m and 3.4% y/y.
y/y % change Nov-12 Oct-12 Jan-Nov-12 2011
INDUSTRIAL PRODUCER PRICES (total) 1.9% 2.3% 2.0% 4.4%
INDUSTRIAL PRODUCER PRICES (domestic) 3.9% 4.2% 3.8% 2.7%
Mining 2.3% 3.4% 5.2% 5.0%
Manufacturing 1.9% 2.4% 1.3% 4.1%
--food, beverages and tobacco 2.8% 2.6% 1.8% 5.4%
--textiles, apparel, leather and related products 0.0% 0.3% 1.2% 4.0%
--wood and paper products, printing -2.9% -3.3% -3.3% 1.0%
--coke and refined petroleum products 10.6% 16.6% 11.0% 30.1%
--chemicals and chemical products 0.3% 4.8% 2.7% 10.9%
--pharmaceutical products and preparation -0.1% -0.2% 4.0% 10.1%
--rubber, plastics and other non-metallic mineral products -0.4% -0.6% 0.4% 1.0%
--basic and fabricated metal products, except machinery and equipment -2.9% -3.1% -1.7% 3.8%
--computer, electronics and optical products -0.5% 0.4% -1.0% 0.2%
--electrical equipment 0.5% 1.5% 0.3% 1.6%
--machinery and equipment 3.0% 2.0% 2.4% 0.1%
--transport equipment -0.1% -1.8% -4.0% -2.8%
--other manufacturing, repair and installation of machinery and equipment 7.1% 9.3% 5.4% 3.0%
Electricity, gas, steam and air conditioning supply 6.6% 6.4% 7.3% 0.8%
Water supply, sewerage, waste management and remediation 5.7% 6.1% 4.8% 5.2%
INDUSTRIAL PRODUCER PRICES (export) 0.8% 1.3% 0.8% 5.7%
AGRICULTURAL PRODUCER PRICES 21.4% 13.5% 5.7% 16.7%
--Crop products 32.7% 19.2% 7.2% 22.0%
--Animal products 5.3% 2.5% 3.9% 10.8%
CONSTRUCTION WORK PRICES 1.0% 1.0% 0.6% 1.2%
CONSTRUCTION MATERIALS PRICES 1.6% 0.9% 1.5% 1.8%

Slovakia's producer price inflation eases to 1.9% y/y in Nov 2012.

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