Home Business Expensive energy scares industry, producer prices up 20.4% in October

Expensive energy scares industry, producer prices up 20.4% in October

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Flare-up of producer prices for the tricolor industry. In October, Istat notes, they grew by 7.1% on a monthly basis and 20.4% on an annual basis. Istat notes this, explaining that “the strong rise in prices” is driven by the increase in “energy products, particularly marked on the domestic market, where exceptional increases in electricity and gas are recorded. Even the decisive acceleration on an annual basis (+ 20.4%, from + 13.3% in September) – explains Istat – is largely due to the energy component; net of the latter, industry producer prices grow by 0.5% on a monthly basis and by 7.9% on an annual basis ».

In particular, on the domestic market, prices increased by 9.4% compared to September and by 25.3% on an annual basis. Excluding the energy sector, price growth is reduced to + 0.5% in economic terms and + 8.2% in trend terms. On the foreign market, prices increased on a monthly basis by 0.8% in both areas, euro and non-euro, and recorded an increase on an annual basis of 8.3% (+ 8.9% in the euro area, +7.8 % non-euro area).

In the August-October 2021 quarter as a whole, compared to the previous three months, industry producer prices grew by 6.5%, with a decidedly more sustained trend on the domestic market (+ 7.9%) than on the foreign market ( + 2.5%). In October there were trend increases spread to almost all sectors of the manufacturing sector; the most marked concern coke and refined petroleum products (+ 47.9% domestic market, + 10.2% euro area, + 71.0% non-euro area) and metallurgy and manufacturing of metal products (+ 21.9% market internal, + 34.3% in the euro area, + 25.3% in the non-euro area). The only decreases involved basic pharmaceutical products and pharmaceutical preparations and computers, electronics and optics products (respectively -1.0% and -0.9% in the euro area).

«The producer prices of the constructions, mark contained conjunctural increases; on a trend basis, their growth slows down for both buildings and streets. For services, the cyclical increase in prices in the third quarter of 2021 is the synthesis of widespread increases; the broadest involve transport services and support activities ”, explains Istat.

Specifically, in October the producer prices of construction for “residential and non-residential buildings” grew by 0.1% on a monthly basis and 4.5% on an annual basis. The prices of “Roads and Railways” increased by 0.2% in economic terms and by 4.5% in trend terms. In the third quarter of 2021, producer prices for services increased by 0.9% compared to the previous quarter and by 1.3% on an annual basis. The highest trend increases concern maritime transport services (+ 35.6%) and air (+ 9.3%); the greatest downturns concern telecommunication services (-4.6%) and postal services and courier activities (-1.6%).

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