Producer and Import Price Index, January 2022
Depreciation of the Swedish krona raised import and export prices in January 2022
Statistical news from Statistics Sweden 2022-02-25 8.00
The Producer Price Index rose by 0.7 percent from December 2021 to January 2022. Prices increased by 2.1 percent on the export market and by 4.7 percent on the import market. On the domestic market, prices decreased by 0.5 percent. The annual rate according to the Producer Price Index was 19.8 percent in January (20.1 percent in December).
In brief
- The annual rates for the export and the import market reached the highest levels in 30 years.
- On the domestic market, the main downward contribution came from trade services of electricity, 2.1 percentage points.
- Annual rate for consumer goods in Price Index for Domestic Supply was 9.4 percent.
- The Swedish krona depreciated against the most common foreign trade currencies.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| December 2021– January 2022 |
January 2021– January 2022 |
|
| Producer Price Index, home sales | ‑0.5 | 18.1 |
| Export Price Index | 2.1 | 21.6 |
| Import Price Index | 4.7 | 23.8 |
| Producer Price Index | 0.7 | 19.8 |
| Price Index for domestic supply | 2.2 | 21.0 |
*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 all markets from December 2021 to January 2022 except for the domestic market. Prices for electricity went down on all markets, but contributed most on the domestic market.
Lower prices on trade services of electricity accounted for the largest downward contribution on the domestic market. Prices also decreased on sawn and planed wood. Higher prices in several product groups offset the downturn. The main upward contribution came from higher prices on basic metals and food products.
On the export market, the main upward contribution came from rising prices on paper and paper products, basic metals, chemicals and chemical products, motor vehicles, trailers and semi-trailers as well as machinery and equipment. Higher prices in several other product groups also contributed to the upturn. This upturn was somewhat offset by lower prices on generation of electricity and sawn and planed wood.
The main contribution to the increase on the import market was higher crude oil prices. Basic pharmaceutical products and pharmaceutical preparations, food products, chemicals and chemical products and electrical equipment also contributed to the upturn. This upturn was to some extent offset by lower prices on generation of electricity and natural gas.
Due to the high prices for electricity in December 2021, the weight for the product group trade services of electricity as a share of the total domestic market has increased from 4.55 percent in 2021 to 8.72 percent in 2022.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, December 2021– January 2022 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | 1.6 | |||
| 06.2 | Natural gas, liquefied or in gaseous state | ‑0.3 | |||
| 10 | Food products | 0.2 | 0.1 | 0.3 | |
| 13 | Textiles | 0.1 | |||
| 14 | Wearing apparel | 0.1 | |||
| 16.1 | Wood, sawn and planed | ‑0.4 | ‑0.4 | ||
| 16.2 | Products of wood, cork, straw and plaiting materials | 0.1 | |||
| 17 | Paper and paper products | 0.1 | 0.7 | 0.1 | |
| 20 | Chemicals and chemical products | 0.1 | 0.5 | 0.3 | |
| 21 | Basic pharmaceutical products and pharmaceutical preparations | 0.4 | |||
| 22 | Rubber and plastic products | 0.1 | 0.1 | 0.2 | |
| 23 | Other non-metallic mineral products | 0.1 | 0.1 | ||
| 24 | Basic metals | 0.2 | 0.5 | 0.1 | |
| 25 | Fabricated metal products, except machinery and equipment | 0.1 | 0.1 | 0.1 | |
| 26 | Computer, electronic and optical products | 0.1 | 0.2 | ||
| 27 | Electrical equipment | 0.3 | |||
| 27.3 | Wiring and wiring devices | 0.1 | |||
| 28 | Machinery and equipment n.e.c. | 0.1 | 0.4 | 0.2 | |
| 29 | Motor vehicles, trailers and semi-trailers | 0.4 | 0.2 | ||
| 31 | Furniture | 0.1 | |||
| 32 | Other manufactured goods | 0.1 | |||
| 35.11A | Generation of electricity | ‑0.4 | |||
| 35.14 | Trade services of electricity | ‑2.1 | ‑1.8 | ||
| 36 | Natural water; water treatment and supply services | 0.1 | |||
| 38 | Waste collection, treatment and disposal services; materials recovery services | 0.1 | 0.1 | 0.1 | |
Changes in the last year
In January, the highest annual rates were noted for the export market and the import market, based on current methods.
The annual rate for the domestic market was 18.1 percent in January (21.0 percent in December). The annual rate for the export market was 21.6 percent during the same period (18.9 percent in December). On the import market, the annual rate in January was 23.8 percent (18.2 percent in December).
The annual rate of the Producer Price Index was 19.8 percent in January 2022. Compared with January 2021, prices rose by 42.8 percent on energy-related products, by 7.8 percent on capital goods, and by 7.3 percent on consumer goods. The annual rate of the Producer Price Index excluding energy-related products was 16.2 percent.
The annual rate of the Price Index for Domestic Supply was 21.0 percent in January. Prices on energy-related products increased by 52.9 percent compared with the corresponding month a year ago. Prices increased by 9.4 percent on consumer goods and by 6.9 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 15.3 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) |
|---|---|---|
| December 2021– January 2022 |
January 2021– January 2022 |
|
| DKK | ‑2.6 | ‑2.4 |
| EUR | ‑2.6 | ‑2.4 |
| GBP | ‑1.7 | ‑7.8 |
| NOK | ‑0.8 | ‑6.5 |
| USD | ‑3.0 | ‑9.7 |
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 February will be published on 2022-03-25 at 08:00.
Statistical Database
More information is available in the Statistical Database
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