In August 2022 export prices increased month-on-month by 1.3% and year-on-year by 16.1%. Import prices increased month-on-month by 2.6% and year-on-year by 24.0%. The terms of trade reached month-on-month the value 98.7%, year-on year 93.6%.

Export prices
In month-on-month comparison, export prices increased by 1.3%.The growth in the monthly export price index was essentially affected by an increase in prices of ‘mineral fuels, lubricants and related materials’, especially electricity and gas, by 16.5%. Prices in ‘miscellaneous manufactured articles’, and in ‘machinery and transport equipment’ increased by 0.7% and 0.4%, respectively. Prices in ‘crude materials, inedible, except fuels’, especially metal scrap and wood, and in ‘chemicals and related products’, especially organic chemicals, fell by 4.4% and 0.9%, respectively.

In Year-on-year comparison, export prices increased by 16.1% (after exchange rate adjustment by 18.5%). The growth in the export price index was essentially affected by an increase in prices of ‘mineral fuels, lubricants and related materials’, i.e. electricity, gas, petroleum products and coal, by 204.9%. Prices increased in all of monitored SITC 1 groups. The significant growth was recorded in ‘food and live animals’, especially cereals, in ‘chemicals and related products’ and in ‘manufactured goods classified chiefly by material’, especially metal products, iron and steel, by 24.0%, 19.6% and 18.0%, respectively.

Import prices
In month-on-month comparison, import prices increased by 2.6%. The greatest effect on an overall rise in the monthly import price index was brought mainly by increase in ‘mineral fuels, lubricants and related materials’, especially gas and electricity, by 14.9%. Prices in ‘food and live animals’, especially vegetables and fruits, increased by 3.1%. Prices fell most in ‘crude materials, inedible, except fuels’, especially metal ores, by 7.2%. Prices in ‘chemicals and related products’, especially plastics, and in ‘manufactured goods classified chiefly by material’, especially iron and steel, decreased by 0.4%, both.

In year-on-year comparison, import prices increased by 24.0% (after exchange rate adjustment by 25.1%). The growth in prices of ‘mineral fuels, lubricants and related materials’, i.e. gas, electricity, petroleum, petroleum products and coal, by 180.4%, had the strongest effect on the increase of the annual import price index. Prices grew in all of monitored groups. Significant increase was recorded in ‘food and live animals’, especially meat and meat products, in ‘manufactured goods classified chiefly by material’, especially iron, steel, non-ferrous metals and paper, and in ‘chemicals and related products’, especially inorganic chemicals, plastics, and fertilizers, by 19.4%, 14.5% and 14.1%, respectively.

“In August 2022 export prices increased year-on-year by more than 16% and import prices by 24%. The significant growth of prices of electricity and gas continued, in year-on-year comparison export prices of electricity increased by almost 300% and import prices by almost 440%. It was the highest value since beginning of monthly monitoring in January 1998”, Vladimír Klimeš, Head of the Industrial and International Trade Prices Statistics Unit of the Czech Statistical Office, noted.

The terms of trade
In month-on-month comparison, the terms of trade reached the value of 98.7% (98.4% in July). The lowest value of the terms of trade was reached in ‘food and live animals’ (96.2%). The highest value of the terms of trade was reached in ‘crude materials, inedible, except fuels’ (103.0%).

In year-on-year comparison, the terms of trade reached value of 93.6% (94.1% in July), which was the lowest value since May 2000 (93.1%). The lowest value of the terms of trade was reached in ‘beverages and tobacco’ (91.7%). The highest value was reached in ‘mineral fuels, lubricants and related materials’ (108.7%).

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Notes:
Responsible head at the CZSO: Jiří Mrázek, Director of the Prices Statistics Department, phone: (+420) 274 052 533, e-mail: jiri.mrazek@czso.cz
Contact person: Vladimír Klimeš, Head of the Industrial and International Trade Prices Statistics Unit, phone: (+420) 274 054 102, e-mail: vladimir.klimes@czso.cz

Data source: Sample survey of the CZSO
End of data collection: 15th calendar day after the reference month end
Related Internet-published document: 013012-22 Import and Export Price Indices in the Czech Republic (month periodicity)
https://vdb.czso.cz/vdbvo2/faces/en/index.jsf?page=statistiky#katalog=31781
Specific methodical notes: The data published in the News Release are final data.
Next News Release shall be published on: 10 November 2022