Services Producer Price Index, first quarter 2024
Rise in services prices in the first quarter of 2024
Statistical news from Statistics Sweden 2024-05-08 8.00
The Services Producer Price Index increased by 1.0 percent in the first quarter of 2024 compared to the fourth quarter of 2023. Compared to the first quarter of 2023, the Services Producer Price Index has increased by 2.7 percent (2.8 percent in the fourth quarter of 2023).
| Services Producer Price Indices | Quarterly change, percent |
Annual change, percent |
|
|---|---|---|---|
| Section | Q4 2023– Q1 2024 |
Q1 2023– Q1 2024 |
|
| SPPI | 1.0 | 2.7 | |
| H | Transport and storage services | 1.5 | 2.6 |
| I | Hotel and restaurant services | ‑0.1 | 5.2 |
| J | Information and communication services | 0.8 | 1.1 |
| L | Real estate services | 2.6 | 4.5 |
| M | Professional, scientific and technical services | 1.0 | 2.8 |
| N | Administrative and support services | 0.0 | 3.7 |
| R+S | Other services | 2.1 | 5.2 |
H includes (49–53), I includes (55–56), J includes (58–63), L includes (68), M includes (69–75), N includes (77–82), R+S includes (93+95–96).
Changes during the last quarter
The quarterly rate of change was higher in the first quarter 2024 than in the fourth quarter 2023, 1.0 percent compared to -0.1 percent.
The main upward contribution to the positive quarterly rate of change was higher prices on warehousing and support services for transportation with a contribution of 0.3 percentage points to total SPPI. Rental and operating services of own or leased real estate contributed to the upturn with 0.2 percentage points. There were several different services which contributed with 0.1 percentage points each to the quarterly rate of change. These includes computer programming, consultancy and related services, legal and accounting services, engineering services and related technical consulting services as well as business and other management consulting services.
This increase was partially offset by lower prices on freight transport services by road and tour operator services, which contributed downward by 0.1 percentage points each.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, Q4 2023– Q1 2024 |
|
|---|---|---|
| 49.41 | Freight transport services by road | ‑0.1 |
| 52 | Warehousing and support services for transportation | 0.3 |
| 62.01 | Computer programming, consultancy and related services | 0.1 |
| 68.2A-E | Rental and operating services of own or leased real estate | 0.2 |
| 69 | Legal and accounting services | 0.1 |
| 70.22 | Business and other management consulting services | 0.1 |
| 71.12 | Engineering services and related technical consulting services | 0.1 |
| 79.12 | Tour operator services | ‑0.1 |
Changes in the last year
The annual rate of change for the Services Producer Price Index was positive in the first quarter of 2024, 2.7 percent, but lower compared to the annual rate of 2.8 percent in the fourth quarter of 2023.
The main contribution to the positive annual rate of change came from real estate services and professional, scientific and technical services, which contributed upwards by 0.6 percentages points respectively. Transportation and storage services contributed upwards by 0.5 percentages points and administrative and support services contributed upwards by 0.4 percentages points. Hotel and restaurant services as well as information and communication services both contributed upwards to the annual rate by 0.3 percentage points respectively. Other services contributed upwards by 0.1 percentage point.
Next publishing will be
The Services Producer Price Index for the second quarter 2024 will be published on 2024-08-06 at 8:00.
Statistical Database
More information is available in the Statistical Database
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.