According to the report from Federal Statistical Office, in July 2020 the index of producer prices for industrial products decreased by 1.7% compared with the corresponding month of the preceding year. In June the annual rate of change all over had been –1.8%, as reported by the Federal Statistical Office. Compared with the preceding month June the overall index rose by 0.2% in July 2020 (0.0% in June). Economists had expected a 0.1% increase.

Energy prices as a whole decreased by 5.8%. On an annual basis, prices of petroleum products were down 16.7%, prices of natural gas (distribution) decreased by 14.1%.

The overall index disregarding energy was 0.5% down on July 2019.

Prices of intermediate goods decreased by 2.3% compared to July 2019. Prices decreased especially regarding basic iron, steel and ferro-alloys (-9.0%) and basic chemicals (-7.0%). Prices of cereal flour were down 3.4%. By contrast, prices of precious metals increased by 22.3% compared to July 2019. Prices of ready-mixed concrete rose by 3.7%.

Prices of non-durable consumer goods increased by 0.5% compared to July. Food prices were up 0.1% on July 2019. The price of sugar increased by 18.4%. Prices of meat and poultry meat products rose by 3.5%. Butter prices were down 9.6% compared to July 2019.

Prices of capital goods increased by 1.1% compared to July 2019, durable consumer goods by 1.6%.

Compared to the June 2020 energy prices rose by 1.1%, prices of durable consumer goods by 0.1% while prices of capital goods were unchanged. Intermediate goods were 0.2% cheaper and non-durable consumer goods 0.3%.