According to the report from the Federal Statistical Office (FSO), in December, the producer and import price index decreased by 0.1% compared to November, but increased by 5.1% year-on-year. In November, the index grew by 0.5% and 5.8%, respectively. Economists had expected the index to grow by 0.7% on a monthly basis and by 6% per annum.
The FSO reported that prices for petroleum products, base metals and metal semi-finished products decreased relative to November. A decrease in prices was also recorded for pharmaceuticals, computers, base metals, semi-finished metal products and shoes. However, the prices of oil, natural gas, cars, leather and related products increased compared to November.
Meanwhile, the average annual inflation in 2021 was +2.7% compared to -3% in 2020. The increase was due to higher prices for base metals and metal semi-finished products, as well as for petroleum products, while prices for pharmaceutical products decreased.