Producer and Import Price Index, June 2022
Higher energy prices contributed to increasing producer prices in June
Statistical news from Statistics Sweden 2022-07-26 8.00
The Producer Price Index rose by 2.5 percent between May and June 2022. Prices increased by 2.7 percent on the export market and by 2.1 percent on the domestic market. On the import market prices rose by 3.7 percent. The annual rate according to the Producer Price Index was 25.6 percent in June (24.4 percent in May).
In brief
- Higher prices on energy-related products contributed to the monthly change on all markets.
- The Swedish Krona depreciated against the common foreign trade currencies which contributed to increased prices among a range of products.
- The annual rate for consumer goods in Price Index for Domestic Supply continued to rise and was 15.1 percent (13.8 percent in May).
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| May 2022– June 2022 |
June 2021– June 2022 |
|
| Producer Price Index, home sales | 2.1 | 24.2 |
| Export Price Index | 2.7 | 26.8 |
| Import Price Index | 3.7 | 33.6 |
| Producer Price Index | 2.5 | 25.6 |
| Price Index for domestic supply | 3.0 | 29.1 |
*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 in June 2022. Additionally, all the markets showed a higher monthly change than in May.
Rising prices on trade services of electricity accounted for the largest contribution in the domestic market. Prices also rose in a number of other product groups. This upturn was offset by lower prices on district heating and waste collection.
On the export market higher prices on generation of electricity and pulp, paper and paper products accounted for the largest positive contributions to the monthly change. Also, motor vehicles, trailers and semi-trailers as well as machinery and equipment contributed to the increased export prices. The increase was offset to some extent by lower prices on sawn and planed wood.
The main contribution to the increase on the import market came from rising prices on crude oil. Higher prices on motor vehicles, trailers, semi-trailers as well as machinery and chemical products also contributed to the upturn. This upturn was mainly offset by lower prices on generation of electricity as well as basic iron, steel and ferro-alloys.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, May 2022– June 2022 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | 1.5 | |||
| 10 | Food products | 0.1 | 0.1 | ||
| 10.1 | Preserved meat and meat products | 0.1 | |||
| 16.1 | Wood, sawn and planed | ‑0.1 | ‑0.2 | ||
| 16.2 | Products of wood, cork, straw and plaiting materials | 0.1 | |||
| 17.1 | Pulp, paper and paperboard | 0.3 | |||
| 17.21 | Corrugated paper and paperboard and containers of paper and paperboard | 0.1 | |||
| 20 | Chemicals and chemical products | 0.1 | 0.2 | ||
| 22 | Rubber and plastic products | 0.1 | |||
| 22.2 | Plastic products | 0.1 | |||
| 23 | Other non-metallic mineral products | 0.1 | |||
| 24 | Basic metals | 0.1 | |||
| 24.1 | Basic iron and steel and ferro-alloys | ‑0.1 | |||
| 25.1 | Structural metal products | 0.1 | |||
| 25.9 | Other fabricated metal products | 0.1 | |||
| 26 | Computer, electronic and optical products | 0.1 | 0.1 | 0.1 | |
| 27 | Electrical equipment | 0.1 | 0.1 | ||
| 27.9 | Other electrical equipment | ‑0.1 | |||
| 28 | Machinery and equipment n.e.c. | 0.3 | 0.2 | ||
| 29 | Motor vehicles, trailers and semi-trailers | 0.3 | 0.2 | ||
| 29.3 | Parts and accessories for motor vehicles | 0.1 | |||
| 31 | Furniture | 0.1 | |||
| 35.11A | Generation of electricity | 0.5 | ‑0.1 | ||
| 35.14 | Trade services of electricity | 0.8 | |||
| 35.3 | Steam and air conditioning supply services | ‑0.1 | |||
| 38 | Waste collection, treatment and disposal services; materials recovery services | ‑0.1 | |||
Changes in the last year
In June, the highest annual rates were noted for the domestic and import market since 1991, when the currently used methods were first introduced. The annual rate for the export market also remains at a high level.
The annual rate for the domestic market was 24.2 percent in June (22.8 percent in May). The annual rate for the export market was 26.8 percent during the same period (25.9 percent in May). On the import market, the annual rate in June was 33.6 percent (30.1 percent in May).
The annual rate of the Producer Price Index was 25.6 percent in June 2022. Prices on energy-related products increased by 81.9 percent compared with the corresponding month a year ago. Prices increased by 13.2 percent on consumer goods and by 11.4 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 17.3 percent.
The annual rate of the Price Index for Domestic Supply was 29.1 percent in June. Prices on energy-related products increased by 89.1 percent compared with the corresponding month a year ago. Prices increased by 15.1 percent on consumer goods and by 10.2 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 18.3 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) |
|---|---|---|
| May 2022– June 2022 |
June 2021– June 2022 |
|
| DKK | ‑2.0 | ‑3.2 |
| EUR | ‑2.0 | ‑3.3 |
| GBP | 0.0 | ‑5.0 |
| NOK | 5.4 | ‑1.5 |
| USD | ‑4.8 | ‑17.0 |
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 June will be published on 2022-08-26 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.