Producer Prices of Industrial Products Up 7.9% in July

Total Croatia News

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Janno Nivergall/Pixabay
Janno Nivergall/Pixabay

Compared to June 2021, producer prices of industrial products were 1.3% up.

The jump in producer prices was to a large extent due to energy prices as, without their contribution, the increase in producer prices was 0.4% compared to June, and 2.3% compared to July 2020.

On the domestic market, producer prices increased by 1.5% compared to June, the highest monthly increase since December 2016, while producer prices on the foreign market were 1.1% up month-on-month and 6.9% year-on-year.

Month-on-month, producer prices of energy on the domestic market increased by 3.4%, prices of non-durable consumer goods by 0.7%, prices of intermediate goods by 0.5%, and prices of durable consumer goods by 0.3% while prices of capital goods remained stable.

As compared to June, producer prices increased the most in Mining and quarrying, 8.9%, followed by Manufacturing, 1.2%, Electricity, gas, steam, and air conditioning supply, 1%, and in Water supply; sewerage, waste management, and remediation activities, 0.1%.

Year on year, producer prices of industrial goods have been on the rise since February 2021 and growing constantly, with the rate exceeding 7% since May.

According to the main industrial groupings, year-on-year producer prices of energy on the domestic market grew the most, by 25.8%.

The current trends regarding producer prices and the strong contribution of energy have been reported in the EU as well as the USA, analysts of Raiffeisenbank Austria (RBA) have said, pointing to market factors such as a sudden recovery of demand and disruptions on the supply side as well as growing costs of commodity transport.

According to the national classification of activities, year-on-year producer prices grew the most in Mining and quarrying, by 129%.

For more, follow our business section.


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