The data showed that wholesale prices fell by 0.3% compared to August 2024. According to the Federal Statistical Office (Destatis), the rate of change in August 2024 was -1.1%, while it was -0.1% in July 2024. In September 2024, selling prices in wholesale trade recorded a significant decrease of 1.6% compared to the same month last year. This decrease reflects several effects on the domestic economy, raising questions about the stability of the market.
In addition, the figures show that wholesale prices fell by 0.3% compared to the previous month, August 2024. This continuing trend of falling prices reflects a trend that could have repercussions for various sectors of the economy. According to the Federal Statistical Office (Destatis), prices in August 2024 saw a decrease of 1.1% compared to the same month last year. Prices also registered a slight decline of -0.1% in July 2024, indicating a continuation of this negative trend.
The decline in wholesale prices could have multiple implications. On the one hand, this decline could help ease inflationary pressures, which could lead to stabilization of consumer prices. On the other hand, the decline in prices could reduce profit margins for suppliers, which could impact their future investments. Wholesale prices are an important indicator of the economy. Changes in these prices can directly impact the costs of goods and services. Therefore, companies and investors are looking to understand the factors affecting these prices.
As prices continue to decline, companies should be prepared to adapt their strategies. This could include re-evaluating prices, improving efficiency, and looking for ways to innovate in the delivery of services and goods. The decline in wholesale prices in September 2024 reflects multiple economic challenges. It requires stakeholders to carefully monitor current trends and respond quickly to changes in the market.
Mineral oil prices fell, and coffee and cocoa prices rose.
Wholesale prices in September 2024 recorded a year-on-year decrease, mainly due to a decrease in mineral oil prices by -14.6%. Prices also decreased by 4.5% compared to August 2024. In addition, the data showed a decrease in wholesale prices of live animals by -5.8%, iron and steel products and semi-manufactured metals by the same percentage, as well as computers and peripheral equipment by -5.2%. In contrast, wholesale prices of coffee, tea, cocoa and spices increased by +24.2% compared to September 2023.
Prices of non-ferrous ores, non-ferrous metals and semi-manufactured metal products also increased by +15.8%. In September 2024, prices of sugar, confectionery and bakery products also increased by +9.4%, waste and scrap by +8.8%, and tobacco products by +5.6% compared to the previous year. On the other hand, wholesale prices of some basic commodities increased. Prices of coffee, tea, cocoa and spices increased significantly by +24.2% compared to September 2023. This increase is attributed to factors such as climate change and increased global demand.
The data also shows that prices of non-ferrous ores and non-ferrous metals increased by +15.8%. These increases come at a time when the international market is witnessing shifts in supply and demand, which directly affects prices. In September 2024, prices of sugar, confectionery and bakery products also increased by +9.4%. Prices of waste and scrap increased by +8.8%, and tobacco products by +5.6%. These increases indicate inflationary pressures that may affect household budgets. These data reflect market volatility and its impact on prices, which indicates the need to closely monitor future trends. With inflationary pressures increasing, it is important for businesses and consumers to stay informed about the factors affecting prices. Understanding these trends helps to make informed decisions in the market.
UK employment to fall in September 2024
The initial estimate of the number of employees on payrolls for September 2024 fell by 15,000 (0.0%) month-on-month, but rose by 113,000 (0.4%) year-on-year, to 30.3 million. The September 2024 estimate should be considered provisional, and is expected to be revised as additional data is received next month.
The heightened volatility in Labour Force Survey estimates calls for careful consideration, especially given the smaller sample sizes. It is best to use these figures alongside other labor market indicators, including labor force employment data, claimant counts, and real-time payroll information.
Employment and unemployment rates
The UK employment rate (for people aged 16-64) was estimated at 75.0% in June-August 2024, up from last year’s estimate. The rate also increased in the last quarter. In terms of the unemployment rate, it was estimated at around 4.0% in the same period, indicating a decrease compared to the previous year’s estimates. The unemployment rate also decreased in the last quarter, reflecting an improvement in the labor market.
Economic inactivity
The economic inactivity rate (for people aged 16-64) was estimated at around 21.8% in the period from June to August 2024. This figure is also lower than last year’s estimates, indicating an improvement in economic activity.
Increase in the number of claimants
The number of claimants in the United Kingdom for September 2024 increased on a monthly and annual basis, reaching 1.797 million. From May 2024, the Department for Work and Pensions will increase the administrative earnings threshold, which could affect around 180,000 claimants over a six-month period, increasing the number of claimants during this period.
){kind=link}