Producer and Import Price Index, August 2022
Higher prices on electricity contributed to increasing producer prices in August 2022
Statistical news from Statistics Sweden 2022-09-27 8.00
The Producer Price Index rose by 3.3 percent in August compared to July 2022. Prices increased by 2.3 percent on the export market and by 4.3 percent on the domestic market. On the import market, prices rose by 1.1 percent. The annual rate according to the Producer Price Index was 22.0 percent in August (20.4 percent in July).
In brief
- Higher prices on electricity on all markets.
- Higher prices on natural gas in August contributed to the upturn on the import market.
- The annual rate for consumer goods in Price Index for Domestic Supply continued to rise somewhat and was 15.3 percent in August (15.2 percent in July).
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| July 2022– August 2022 |
August 2021– August 2022 |
|
| Producer Price Index, home sales | 4.3 | 22.4 |
| Export Price Index | 2.3 | 21.1 |
| Import Price Index | 1.1 | 31.7 |
| Producer Price Index | 3.3 | 22.0 |
| Price Index for domestic supply | 2.6 | 27.2 |
*Products from mining and quarrying, manufactured products, electricity, gas, heating, cooling, water and waste collection.
Changes in the last month
The monthly rate of change was positive on the domestic, export and import markets in August. This resulted in positive monthly rate of change for both Producer Price Index and Price Index for Domestic Supply during the same period.
The main upward contribution on the domestic market came from higher prices on trade services of electricity. Prices also rose in chemicals and chemical products, motor vehicles, trailers and semi-trailers as well as on electronic components and boards. Prices also rose in a number of other product groups. This upturn was offset by price decreases on sawn and planed wood and district heating.
On the export market the main upward contribution came from higher prices on generation of electricity. Prices also rose in other organic basic chemicals. This upturn was offset by price decreases on sawn and planed wood, plastics in primary forms and basic iron and steel and ferro-alloys.
Rising prices on generation of electricity accounted for the largest contribution on the import market. Prices also rose in natural gas and pharmaceutical preparations. This upturn was offset by price decreases on crude oil, basic iron and steel and ferro-alloys, plastics in primary forms, machinery and equipment, communication equipment as well as on food products.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, July 2022– August 2022 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | ‑0.8 | |||
| 06.2 | Natural gas, liquefied or in gaseous state | 0.5 | |||
| 10 | Food products | ‑0.1 | |||
| 16.1 | Wood, sawn and planed | ‑0.2 | ‑0.2 | ||
| 16.2 | Products of wood, cork, straw and plaiting materials | 0.1 | |||
| 17.11 | Pulp | 0.1 | |||
| 20 | Chemicals and chemical products | 0.1 | |||
| 20.14 | Other organic basic chemicals | 0.1 | ‑0.1 | ||
| 20.16 | Plastics in primary forms | ‑0.1 | ‑0.1 | ||
| 21.2 | Pharmaceutical preparations | 0.1 | |||
| 23.6 | Articles of concrete, cement and plaster | 0.1 | |||
| 24 | Basic metals | 0.1 | |||
| 24.1 | Basic iron and steel and ferro-alloys | ‑0.1 | ‑0.2 | ||
| 24.2 | Tubes, pipes, hollow profiles and related fittings, of steel | ‑0.1 | |||
| 26.1 | Electronic components and boards | 0.1 | |||
| 26.3 | Communication equipment | ‑0.1 | |||
| 28 | Machinery and equipment n.e.c. | ‑0.1 | |||
| 29 | Motor vehicles, trailers and semi-trailers | 0.1 | |||
| 35.11A | Generation of electricity | 2.7 | 1.9 | ||
| 35.14 | Trade services of electricity | 4.2 | |||
| 35.3 | Steam and air conditioning supply services | ‑0.1 | |||
Changes in the last year
The annual rate for the domestic market was 22.4 percent in August (19.5 percent in July). The annual rate for the export market was 21.1 percent during the same period (21.1 percent in July). On the import market, the annual rate in August was 31.7 percent (32.0 percent in July).
The annual rate of the Producer Price Index was 22.0 percent in August. Compared with August 2021, prices rose by 77.1 percent on energy-related products. Prices increased by 14.4 percent on consumer goods and increased by 11.2 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 13.5 percent.
The annual rate of the Price Index for Domestic Supply was 27.2 percent in August. Compared with August 2021, prices rose by 90.7 percent on energy-related products. Prices increased by 15.3 percent on consumer goods and increased by 9.8 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 15.2 percent.
Changes in exchange rates
An appreciation or depreciation of the Swedish currency lowers or raises export and import prices in Swedish kronor. Prices at the producer and import stages are converted from foreign currencies to Swedish kronor according to Swedish Customs’ exchange rates.
| Currency | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| July 2022– August 2022 |
August 2021– August 2022 |
|
| DKK | 1.9 | ‑2.2 |
| EUR | 1.9 | ‑2.3 |
| GBP | 0.6 | ‑3.8 |
| NOK | ‑1.4 | ‑6.1 |
| USD | ‑1.2 | ‑15.4 |
A positive number means that the Swedish krona was strengthened against that currency.
Definitions and explanations
The Producer Price Index home sales (HMPI) measures changes in Swedish producers’ prices of goods manufactured and sold in Sweden.
The Export Price Index (EXPI) measures changes in Swedish producers’ prices of goods manufactured in Sweden and sold outside Sweden, both within and outside the EU.
The Import Price Index (IMPI) measures changes in the prices of imports of goods into Sweden.
The Producer Price Index (PPI) measures changes in the prices of Swedish producers’ total sales, obtained by combining the HMPI and the EXPI.
The Price Index for Domestic Supply (ITPI) measures changes in the prices of goods sold in Sweden, obtained by combining the HMPI and the IMPI.
Next publishing will be
Statistics for September will be published on 2022-10-25 at 08:00.
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.