Slovakia’s producer prices decline 3.4% y/y in February 2014

By bne IntelliNews March 28, 2014

Slovakia’s industrial producer prices fell on annual basis for the twelfth straight month in February 2014 declining by 3.4% and deepening from a 3% fall in January, data from the statistics office showed.

Industrial producer prices on the domestic market decreased by 3.7% y/y in February after falling 2.5% y/y the month before. The steepest drop was recorded in coke and refined petroleum products, where prices fell 8.6% y/y, following a 7.1% annual drop in January.

Export producer prices fell 3.1% in February after decreasing 3.4% in the previous month.

Producer prices are a key preliminary indicator for the dynamics in consumer prices, so the data suggests that consumer inflation would remain muted in the near term. In February, Slovakia’s CPI fell 0.1% y/y, after staying flat the month before.

On a monthly basis, producer prices fell by 1% in February after decreasing 0.5% in January. On the domestic market, prices were 1.7% lower than in January when they dropped by 0.5% m/m. Export prices moved down by 0.4% m/m in February, following a 0.6% decrease a month earlier.

The annual decline in agricultural producer prices deepened to 11.4% y/y in February from 10.4% y/y the month before. Crop prices went down by 23.5% y/y, compared to a 22.1% y/y decline in the previous month. Prices of animal products fell 0.7% y/y last month, following a 0.4% y/y decline in January.

Prices of construction works rose 0.9% y/y in February, while prices of construction materials and components dipped 2.9% y/y.

y/y % change Feb-14 Jan-14 Jan-Feb-14 2013
INDUSTRIAL PRODUCER PRICES (total) -3.4% -3.0% -3.2% -1.0%
INDUSTRIAL PRODUCER PRICES (domestic) -3.7% -2.5% -3.2% -0.1%
Mining and quarrying 0.1% -0.2% -0.1% 0.2%
Manufacturing -2.1% -1.4% -1.7% -0.3%
--food, beverages and tobacco -1.7% -1.6% -1.7% 1.7%
--textiles, apparel, leather and related products 2.7% 2.4% 2.6% 1.8%
--wood and paper products, printing 0.3% -0.3% 0.0% -0.6%
--coke and refined petroleum products -8.6% -7.1% -7.9% -5.5%
--chemicals and chemical products -4.7% -6.2% -5.5% -2.9%
--pharmaceutical products and preparation 0.0% 0.2% 0.1% 2.8%
--rubber, plastics and other non-metallic mineral products -0.8% 0.0% -0.4% -0.3%
--basic and fabricated metal products, except machinery and equipment -2.5% -2.6% -2.6% -2.7%
--computer, electronics and optical products -0.3% -0.2% -0.3% 1.9%
--electrical equipment -2.4% -4.2% -3.3% -1.8%
--machinery and equipment 2.6% 0.2% 1.4% 5.5%
--transport equipment -1.8% 1.1% -0.4% 0.6%
--other manufacturing, repair and installation of machinery and equipment 2.6% 3.0% 2.8% 4.3%
Electricity, gas, steam and air conditioning supply -6.5% -4.5% -5.5% -0.1%
Water supply, sewerage, waste management and remediation 1.0% 2.0% 1.5% 2.7%
INDUSTRIAL PRODUCER PRICES (export) -3.1% -3.4% -3.3% -1.4%
         
AGRICULTURAL PRODUCER PRICES -11.4% -10.4% -10.9% -4.9%
--Crop products -23.5% -22.1% -22.8% -8.1%
--Animal products -0.7% -0.4% -0.6% -0.7%
         
CONSTRUCTION WORK PRICES 0.9% 1.3% 1.1% 0.7%
CONSTRUCTION MATERIALS PRICES -2.9% -2.0% -2.4% -0.8%
Source: Statistical Office of the Slovak Republic        

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