Producer and Import Price Index, February 2024
Lower prices on electricity contributed to the downturn on the domestic market
Statistical news from Statistics Sweden 2024-03-26 8.00
The Producer Price Index was unchanged in February compared to January 2024. Prices increased by 1.2 percent on the export market and increased by 1.7 percent on the import market. On the domestic market, prices decreased by 1.1 percent. The annual rate according to the Producer Price Index was -1.3 percent in February (-2.3 percent in January).
In brief
- The monthly rate of change was positive on the export market and negative on the domestic market in February, which resulted in an unchanged monthly rate of change for Producer Price Index.
- Prices for refined petroleum products increased on the domestic and export markets in February compared to January, but decreased over the same period on the import market.
- Prices for food products contributed upwards on all markets in February compared to January.
- Higher import prices on crude oil in February compared to January.
- The annual rate for consumer goods in Price Index for Domestic Supply increased from 0.9 percent in January to 1.1 percent in February.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| January 2024– February 2024 |
February 2023– February 2024 |
|
| Producer Price Index, home sales | ‑1.1 | ‑1.2 |
| Export Price Index | 1.2 | ‑1.4 |
| Import Price Index | 1.7 | ‑1.6 |
| Producer Price Index | 0.0 | ‑1.3 |
| Price Index for domestic supply | 0.4 | ‑1.4 |
*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 export and import markets, but negative on the domestic market in February. This resulted in an unchanged monthly rate of change for Producer Price Index but a positive monthly rate of change for Price Index for Domestic Supply during the same period.
The largest negative contribution on the domestic market came from lower prices on trade services of electricity and district heating. This downturn was offset by higher prices on refined petroleum products, food products, electrical equipment, other machinery and equipment, waste collection, treatment and disposal- and materials recovery services and paper and paper products.
On the export market the main upward contribution came from higher prices on refined petroleum products. Prices also rose in motor vehicles, trailers and semi-trailers, basic chemicals, paper and paper products, other machinery and equipment, computer, electronic and optical products, electrical equipment, basic precious and other non-ferrous metals and food products. This upturn was offset by lower prices on generation of electricity and basic iron and steel.
The main contribution to the increase on the import market came from higher prices on crude oil. Prices also rose in other machinery and equipment, computer, electronic and optical products, basic chemicals, basic iron and steel, electrical equipment, food products, motor vehicles, trailers and semi-trailers and other outerwear. This upturn was offset by price decreases on refined petroleum products and generation of electricity.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, January 2024– February 2024 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | 0.5 | |||
| 10 | Food products | 0.1 | 0.1 | 0.1 | |
| 14.13 | Other outerwear | 0.1 | |||
| 17.1 | Pulp, paper and paperboard | 0.1 | 0.2 | ||
| 19.2 | Refined petroleum products | 0.2 | 0.3 | ‑0.2 | |
| 20.1 | Basic chemicals | 0.2 | 0.1 | ||
| 24.1 | Basic iron and steel | ‑0.1 | 0.1 | ||
| 24.4 | Basic precious and other non-ferrous metals | 0.1 | |||
| 26 | Computer, electronic and optical products | 0.1 | 0.2 | ||
| 27 | Electrical equipment | 0.1 | 0.1 | 0.1 | |
| 28 | Other machinery and equipment | 0.1 | 0.2 | 0.4 | |
| 29 | Motor vehicles, trailers and semi-trailers | 0.3 | 0.1 | ||
| 35.11A | Generation of electricity | ‑0.6 | ‑0.2 | ||
| 35.14 | Trade services of electricity | ‑1.8 | |||
| 35.3 | District heating | ‑0.1 | |||
| 38 | Waste collection, treatment and disposal- and materials recovery services | 0.1 | |||
Changes in the last year
The annual rate for the domestic market was -1.2 percent in February (-1.2 percent in January). The annual rate for the export market was -1.4 percent during the same period (-3.4 percent in January). On the import market, the annual rate in February was -1.6 percent (-3.6 percent in January).
The annual rate of the Producer Price Index was -1.3 percent in February. Compared with February 2023, prices fell by 11.5 percent on energy-related products. Prices increased by 2.4 percent on consumer goods and increased by 4.3 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 0.7 percent.
The annual rate of the Price Index for Domestic Supply was -1.4 percent in February. Compared with February 2023, prices fell by 9.5 percent on energy-related products. Prices increased by 1.1 percent on consumer goods and increased by 3.1 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 0.4 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) |
|---|---|---|
| January 2024– February 2024 |
February 2023– February 2024 |
|
| DKK | ‑2.0 | ‑1.2 |
| EUR | ‑2.0 | ‑1.5 |
| GBP | ‑3.2 | ‑4.4 |
| NOK | ‑0.9 | 5.1 |
| USD | ‑2.5 | ‑1.1 |
A positive number means that the Swedish krona was strengthened against that currency.
Correction of the statistics
Product group 10.83 was incorrectly marked as confidential in January for all markets, which has now been corrected and the index numbers are now available again in our Statistical database. We have also made a smaller correction of the indices in connection to this. It is mainly product group 10 and 10.8, regarding Producer Price Index (PPI) and Price Index for Domestic Supply (ITPI), that is affected by this correction.
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 March will be published on 2024-04-25 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.