For the first time since January 2021, the import price index in industry in February 2023, with a month-on-month decline as well. This element essentially indicates a de-escalation in prices, mainly for energy and slightly for some primary and secondary materials such as base metals and paper. However, on the other hand, input and output price indices in agriculture and livestock continue to rise, which is reflected in the persistence of very high food prices, as well as continued revaluations, albeit at a lower intensity compared to 2022. in this product category.
According to data released yesterday Hellenic Statistical Office (ELSTAT), the overall price index for industrial imports decreased in February 2023 compared to February 2022 by 5.6%. The year-on-year decline has been recorded since January 2021 (-4.8%), while the said index has shown significant gains since then due to the restart of the economy following extensive global lockdowns in 2020. It was the disruptions in the operation of production units and transport due to quarantine in 2020 that decisively contributed to the rapid growth of this indicator. On an annualized basis, individual price reductions are observed only for crude oil – natural gas (22.4%) and petroleum products (9.5%). On a monthly basis, the index fell 3.4%, with individual declines in import prices for crude oil – natural gas (9.2%), electricity (4.3%), petroleum products (3%), base metals (1. 9%). , paper (1.6%) and chemical products (0.2%).
On the contrary, the overall price index for agricultural inputs – livestock increased in February 2023 by 11.3% compared to last year and by 2.1% compared to January 2023. The largest increase in prices on a monthly basis is observed for energy products ( 7.1%) and year on year fertilizer (35.6%).
An increase in the input price index leads to an increase in the output price index, that is, the prices of products produced in the primary sector. The overall price index for products increased year on year by 20.5%, and monthly – by 1.9%. The largest increase, 42.8%, was recorded in the price of olive oil and on a monthly basis in the price of vegetables – horticulture (11%).
Source: Kathimerini
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