The data shows that while agricultural producer prices rose quite rapidly last month (3.4% m/m, 4.9% y/y).
The current rise in farmers’ prices was again due to vegetable products while livestock product prices continued to go down. As we can see from retail prices, this was no extraordinary deviation for the last few months. Nevertheless, with some exceptions, not even the current figures should indicate an overall rise in food prices.
Industrial producer prices stagnated in December, and rose by 2.6% y/y due in particular to the rising prices of metals and electricity. With regard to the previous unfavourable development of raw material prices, last year’s price developments in industry can be considered favourable because they are not generating inflationary pressures, which would require increased attention from the central bank.