Raw materials – Import prices declined by 1.5%

Raw material import costs dropped in the second quarter of the year. According to data from the Institute of Statistics, the import price index fell by 1.5% compared to the previous year.

The decline in the second quarter shows a downward trend for import prices, curbing the upward trend in previous quarters.

The comeback of the fall in import prices reduces the pressure on domestic product prices and inflation in the economy.

Import prices are now declining in the most important segment of the industry, the processing industry, which accounts for over 97% of the specific weight in the calculation of the import price index.

According to INSTAT, in the last quarter of 2016, the import price index in this segment fell by 1.4%.

The decline was particularly pronounced in the food industry, where raw material prices fell by 3% compared to the previous year.

In the forward processing sector, the decline in prices was reported for clothing, by 2.3%, while in the shoe industry prices increased by 2.8%.

Import prices remain negative in both the energy and water sector, while a modest increase of 0.5% is recorded in the extractive industry.

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