PREZZI ALLA PRODUZIONE DELL’INDUSTRIA E DELLE COSTRUZIONI - NOVEMBRE 2023

In November 2023, industrial producer prices decreased by 0.9% month-on-month and by 12.6% year-on-year (it was -9.5% in October).

On the domestic market, prices decreased by 1.2% compared to October and by 16.3% year-on-year (from -12.4% in the previous month). Excluding the energy sector, prices decreased by 0.2% on a quarterly basis and by 1.6% on a year-on-year basis (from -1.3% in October).

On the foreign market, prices decreased by 0.2% on a monthly basis (-0.1% in the euro area, -0.4% in the non-euro area) and by 1.2% on an annual basis (-1.5% in the euro area, -1.1% in the non-euro area).

In the September-November 2023 quarter, compared to the previous one, industrial producer prices increased by 1.6% (+2.4% domestic market, -0.3% foreign market).

In November 2023, among manufacturing activities, the highest year-on-year increases were in the basic pharmaceutical products and pharmaceutical preparations (+7.5% euro area), other manufacturing industries, repair and installation of machinery and equipment (+2.8% domestic market, +5.2% non-euro area) and computers, electronics and optical products (+2.8% domestic market, +3.6% euro area). Large downturns on all markets were recorded for chemical products (-9.8% domestic market, -8.4% euro area, -9.3% non-euro area), metallurgy and manufacture of metal products (-6.2% domestic market, -9.0% euro area, -9.2% non-euro area), and wood, paper and printing industry (-5.1% domestic market, -13.2% euro area, -5.0% non-euro area).

In November 2023, construction producer prices for "Residential and non-residential buildings" remained unchanged on a quarterly basis and grew by 0.2% year-on-year (from -0.2% in the previous month). The prices of "Roads and Railways" recorded a modest increase (+0.1%) on both a monthly and annual basis (the year-on-year change was -0.5% in October).

Commentary

In November, interrupting the positive economic phase that had been underway since August, industrial producer prices fell again on a monthly basis. This is mainly due to the lower prices in the energy sector, which have fallen again, after the increases observed since July.

The year-on-year trend is also mainly due to the prices of the energy component, the year-on-year decline of which is accentuated. There was also a further slight accentuation of the year-on-year decline in the prices of intermediate goods and a further moderation in the year-on-year growth of prices of both consumer goods and capital goods.

For construction, prices are almost stable, with modest changes compared to both October 2023 and November last year.

For construction, the moderate quarterly decline in prices is due to the fall in the costs of certain materials and freight.

FDT CONSULING