In May 2024, industrial producer prices increase by 0.3% month-on-month and decrease by 3.5% year-on-year (it was -5.9% in April).
On the domestic market, prices grew by 0.3% compared to April and fell by 4.9% on an annual basis (from -8.0% in the previous month). Net of the energy sector, prices recorded a cyclical increase of 0.2% and a year-on-year decrease of 1.4% (-2.1% in April).
On the foreign market, prices grew by 0.3% in economic terms (+0.2% euro area, +0.3% non-euro area) and decreased by 0.8% on a trend basis (-1.4% euro area , -0.1% non-euro area).
In the March-May 2024 quarter, compared to the previous one, industrial producer prices decreased by 2.0% (-3.1% domestic market, +0.1% foreign market).
Maggio 2024
In May 2024, among manufacturing activities, the largest trend declines concern the chemical products sectors (-4.8% both on the domestic market and in the euro area), metallurgy and manufacturing of metal products, excluding machinery and plants (- 4.1% domestic market, -6.2% euro area, -3.9% non-euro area), coke and refined petroleum products and the wood, paper and printing industry (-5.1% and -4 respectively, 7% in the euro area). The highest increases on an annual basis are noted for coke and refined petroleum products (+4.9%) and basic pharmaceutical products and pharmaceutical preparations (+3.0%), on the domestic market, and for means of transport (+3 .0%) in the non-euro area. On the domestic market, the trend decline in electricity and gas supply prices is still large but is further and decidedly easing (-13.5%, from -22.0% in April).
In May 2024, construction producer prices for “Residential and non-residential buildings” grow by 0.1% on a monthly basis and decrease by 1.5% on an annual basis (-1.4% in April); those of “Roads and Railways” are stationary on a monthly basis and decreased by 1.4% in trend terms (from -1.2% in the previous month).
The comment
In May, industrial production prices, interrupting the negative phase underway since November 2023, recorded moderate economic growth across all groups, with the exception of capital goods whose prices are stationary.
The further reduction in their decline on an annual basis is still mainly due to the easing of the negative trend in prices of the energy component on the domestic market. On this market, the trend decline in the prices of intermediate goods is also further reduced while an acceleration in the growth on an annual basis of those of consumer goods is noted (+0.8%, from +0.3% in April).
For construction, prices are almost stationary on a monthly basis; on a trend basis, their decline is slightly accentuated.
