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Financial News: Czech Producer Prices Fall Most Since November 2016

Czech Producer Prices Fall Most Since November 2016

06/16/2020 - 09:35:00 (RTTNews)

(RTTNews) - The Czech Republic's producer prices declined at the fastest pace since late-2016 in May, figures from the Czech Statistical Office showed on Tuesday.

The industrial producer price index decreased 0.9 percent year-on-year in May, following a 0.8 percent decline in April. Economists had expected a 1.7 percent fall. This was the biggest contraction since November 2016.

Prices for mining and quarrying declined 3.1 percent annually in May and manufacturing cost fell 2.6 percent. Energy prices decreased 6.9 percent.

Meanwhile, prices for electricity, gas, steam and air conditioning grew 8.0 percent. Prices for water supply and food, beverages and tobacco, rose by 6.4 percent and 2.7 percent, respectively.

On a monthly basis, producer prices rose 0.4 percent in May, largely due to lower prices in 'coke, refined petroleum products'. Economists had expected a fall of 0.3 percent.

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