Slovakia’s producer prices decline 3% y/y in January 2014

By bne IntelliNews February 28, 2014

Slovakia’s industrial producer prices fell on annual basis for the eleventh straight month in January 2014 declining by 3%, compared to a 2.3% fall in December, data from the statistics office showed.

Industrial producer prices on the domestic market decreased by 2.5% y/y in January, after falling 1.7% y/y the month before. The steepest drop was recorded in coke and refined petroleum products, where prices fell 7.1% y/y, following a 6.3% annual drop in December.

Export producer prices fell 3.4% in January after decreasing 2.7% in December.

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 January, Slovakia’s recorded a zero headline inflation.

On a monthly basis, producer prices fell by 0.5% in January, after edging down by 0.3% in December. On the domestic market, prices were also 0.5% lower than in December, when they dropped by 0.1% m/m. Export prices moved down by 0.6% m/m in January, following a 0.4% decrease a month earlier.

Agricultural producer prices decreased by 10.4% y/y in January, the same level as in December. Crop prices went down by 12.1% y/y, compared to a 16.2% y/y decline in the last month of 2013. Prices of animal products fell 0.4% y/y last month, following a 2.6% y/y decline in December.

Prices of construction works rose 1.3% y/y in January, while prices of construction materials and components dipped 2% y/y.

y/y % change Jan-14 Dec-13 2013 2012
INDUSTRIAL PRODUCER PRICES (total) -3.0% -2.3% -1.0% 2.0%
INDUSTRIAL PRODUCER PRICES (domestic) -2.5% -1.7% -0.1% 3.9%
Mining and quarrying -0.2% -2.8% 0.2% 5.1%
Manufacturing -1.4% -1.5% -0.3% 1.3%
--food, beverages and tobacco -1.6% -1.4% 1.7% 1.9%
--textiles, apparel, leather and related products 2.4% 2.9% 1.8% 1.1%
--wood and paper products, printing -0.3% -0.5% -0.6% -3.3%
--coke and refined petroleum products -7.1% -6.3% -5.5% 10.6%
--chemicals and chemical products -6.2% -4.8% -2.9% 2.5%
--pharmaceutical products and preparation 0.2% 4.3% 2.8% 3.6%
--rubber, plastics and other non-metallic mineral products 0.0% -0.1% -0.3% 0.4%
--basic and fabricated metal products, except machinery and equipment -2.6% -2.9% -2.7% -1.6%
--computer, electronics and optical products -0.2% 0.1% 1.9% -0.8%
--electrical equipment -4.2% -3.2% -1.8% 0.4%
--machinery and equipment 0.2% 1.6% 5.5% 2.6%
--transport equipment 1.1% 0.1% 0.6% -3.5%
--other manufacturing, repair and installation of machinery and equipment 3.0% 0.5% 4.3% 5.8%
Electricity, gas, steam and air conditioning supply -4.5% -2.1% -0.1% 7.3%
Water supply, sewerage, waste management and remediation 2.0% 1.7% 2.7% 4.9%
INDUSTRIAL PRODUCER PRICES (export) -3.4% -2.7% -1.4% 0.7%
AGRICULTURAL PRODUCER PRICES -10.4% -10.4% -4.9% 6.9%
--Crop products -12.1% -16.2% -8.1% 9.3%
--Animal products -0.4% -2.6% -0.7% 4.0%
CONSTRUCTION WORK PRICES 1.3% 1.2% 0.7% 0.6%
Source: Statistical Office of the Slovak Republic        

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