Czech trends in producer price indices for Q4 and the Year 2024

In the fourth quarter of 2024, producer prices across multiple sectors in the Czech Republic experienced notable trends compared to the previous quarter and the same period in 2023. Agricultural producer prices rose by 6.8% quarter-on-quarter (q-o-q) and by 5.0% year-on-year (y-o-y). Key contributors to the increase included higher prices for eggs (+26.5%), milk (+8.1%), and oilseeds (+7.5%), while declines were seen in fruit (-4.6%) and slaughter pigs (-3.9%). Over the entire year, agricultural producer prices dropped by 5.9%, with significant declines in crop production (-9.1%) and animal production (-1.5%).

Industrial producer prices increased slightly by 0.3% q-o-q in Q4 2024, driven by higher prices in electricity, gas, steam, and air conditioning (+1.9%), and paper and electronic products (+1.5%). However, prices for crude petroleum and natural gas fell significantly (-3.3%). On a y-o-y basis, industrial producer prices rose by 1.8% in Q4, with notable increases in water treatment services (+9.2%) and electricity (+6.7%). Across 2024, the annual rise in industrial producer prices averaged 0.8%, marking a decline from the 5.0% increase seen in 2023.

Construction work prices grew by 0.7% q-o-q in Q4 2024 and by 2.4% y-o-y, reflecting moderate activity in the sector. For the full year, construction prices increased by 2.1%, a deceleration from the 5.9% growth in 2023. Input prices for construction materials dropped by 0.5%, reversing the upward trend of the previous year.

Service producer prices in the business sector rose by 1.5% q-o-q in Q4 2024 and by 3.7% y-o-y. Significant contributors to the increase included advertising and market research services (+18.3%) and programming and broadcasting services (+19.6%). Excluding advertising services, prices rose by 0.3% q-o-q and 3.1% y-o-y. For the entire year, service producer prices grew by 3.8%, with advertising, employment, and real estate services among the largest contributors.

These trends highlight a varied landscape, with inflationary pressures easing in some areas, such as industrial production and construction inputs, while services and specific agricultural products continued to see price increases. The detailed data underline the ongoing adjustments across sectors in response to market dynamics and broader economic conditions.

Source: Czech Statistical Office