The continuous fall in industrial producer prices, which are an early measure of inflation, was reversed in July 2023 month on month, albeit not significantly, according to data from the National Statistical Institute (NSI) published on Wednesday. Year on year, industrial producer prices dropped further in July.
A month-on-month fall had been invariably recorded between January 2023 and June 2023. The year-on-year decrease has gone into a fourth month.
In July 2023, industrial producer prices grew by 0.5% compared with June 2023, the NSI reported. This resulted from a 0.8% price increase in the manufacturing industries, a 0.3% decrease in the extractive industries and a 0.2% decrease in electricity, heat and gas production and distribution. Within the manufacturing industries, producer prices grew by 3.6% in the production of basic metals, 1.5% in chemicals, and 1.3% in beverages. Decreases were recorded in: leather processing and the production of footwear and other leather products (-10.6%); timber and products thereof, exclusive of furniture (-2.1%); and metal products, exclusive of machines and equipment (-1.7%).
In July 2023 compared with July 2022, industrial producer prices went down by 13.7%. This resulted from a 37% price fall in electricity, heat and gas production and distribution, a 2.6% fall in the manufacturing industries and an 11.2% rise in the extractive industries. Within the manufacturing industries, producer prices decreased by 18.8% in the production of chemicals and 6.7% in basic metals. Price increases were reported for tobacco products (+44.9%) and non-metal minerals (+19.1%).