Data released by the Federal Statistical Office (FSO) showed that producer and import prices fell by 0.1% in September after increasing by 0.2% in August. This was the first decrease in the last 4 months. Economists had expected a 0.1% increase.
The FSO said falling prices were seen in particular for petroleum products. In contrast, petroleum and natural gas, as well as food products, saw higher prices.
In annual terms, producer and import prices fell by 1.3%, accelerating compared to August (-1.2%), and recording the 17th consecutive decline. Producer prices decreased by 0.2% per annum, while import costs fell by 3.5% per annum.
The report also showed that prices for manufactured products for the domestic market remained unchanged compared to August and fell by 0.5% per annum. Meanwhile, prices for manufactured products for export fell by 0.1% m/m and by 0.9% per annum.
According to official data, in September consumer prices rose by 0.8% per year after an increase of 1.1% in July. Economists expected an increase of 1.1% per annum. The latest reading was the lowest since July 2021. On a monthly basis, consumer prices fell 0.3% after remaining unchanged in August. The latest decline was the sharpest since April 2020. Consensus estimates suggested a 0.1% drop. Core inflation - excluding fresh and seasonal products, energy and fuel – fell by 0.2% on a monthly basis and rose by 1.0% per year.