Producer and Import Price Index, May 2020
Producer prices remained low
Statistical news from Statistics Sweden 2020-06-26 9.30
The Producer Price Index decreased by 0.9 percent between April and May 2020. In the same period, prices decreased by 0.5 percent on the domestic market and by 1.3 percent on the export market. Prices also decreased on the import market, down by 0.8 percent from April. The annual rate for the Producer Price Index was -3.8 percent in May 2020 (-3.0 percent in April).
In brief
- Prices on all markets were lower compared with both May 2019 and April 2020
- The fall in prices on the import market was offset by increased crude oil prices between April and May
- In the domestic and export markets, price declines were offset by increased electricity prices between April and May
| Total: B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| April 2020– May 2020 |
May 2019– May 2020 |
|
| Producer Price Index | ‑0.9 | ‑3.8 |
| Producer Price Index, home sales | ‑0.5 | ‑3.7 |
| Export Price Index | ‑1.3 | ‑4.0 |
| Import Price Index | ‑0.8 | ‑5.7 |
| Price Index for domestic supply | ‑0.6 | ‑4.7 |
* Products from mining and quarrying, manufactured products, electricity, gas, heating, cooling, water and waste collection. ** Subgroups 05, 06, 19, 35 and 36: Energy minerals (mainly crude oil), coal, refined petroleum products, nuclear fuel, electricity, gas, heating, cooling and water.
Changes in the last month
For all markets, prices fell between April and May.
On the import market, the main contributions to the decline came from lower prices on chemicals and chemical products, machinery and equipment, and food products. Lower prices on electrical equipment, motor vehicles, trailers and semi-trailers, and basic metals also accounted for downward contributions on the import market. This was offset by higher prices on crude oil.
On the export market, the main contributions came from price declines on pulp, paper and paperboard, and basic metals. Food products, chemicals and chemical products, and machinery and equipment were other products that experienced price declines. At the same time, the decline was offset by higher prices on electricity.
Lower prices for steam and air conditioning supply services and chemicals and chemical products provided downward contributions on the domestic market. However, higher prices for electricity to some extent offset this decrease.
Non-response due to the ongoing coronavirus pandemic is considered to be low in May.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, April 2020– May 2020 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | 0.9 | |||
| 10 | Food products | ‑0.1 | ‑0.2 | ||
| 17.1 | Pulp, paper and paperboard | ‑0.3 | |||
| 20 | Chemicals and chemical products | ‑0.1 | ‑0.2 | ‑0.3 | |
| 22 | Rubber and plastic products | ‑0.1 | |||
| 24 | Basic metals | ‑0.3 | ‑0.1 | ||
| 25 | Fabricated metal products, except machinery and equipment | ‑0.1 | |||
| 26 | Computer, electronic and optical products | ‑0.1 | ‑0.1 | ||
| 27 | Electrical equipment | ‑0.1 | ‑0.1 | ||
| 28 | Machinery and equipment n.e.c. | ‑0.2 | ‑0.3 | ||
| 29 | Motor vehicles, trailers and semi-trailers | ‑0.2 | ‑0.2 | ||
| 35.11 | Electricity | 0.2 | 0.1 | ||
| 35.3 | Steam and air conditioning supply services | ‑0.4 | |||
Changes in the last year
For all markets, price declines were apparent on a yearly basis. The annual rate for the Producer Price Index was -3.8 percent in May. Compared with May 2019, prices on energy-related products fell by 29.9 percent. At the same time, prices on consumer goods and capital goods increased by 2.8 percent and 2.5 percent respectively.
The annual rate for the Price Index for Domestic Supply was -4.7 percent. Prices on energy-related products fell with 34 percent compared to the corresponding month a year ago. Prices on consumer goods and capital goods increased by 4.0 percent and 3.3 percent respectively in the same period.
The change in the annual rate was -5.7 percent on the import market, -4.0 percent on the export market, and -3.7 on the domestic market.
Changes in exchange rates
An appreciation or depreciation of the Swedish currency lowers or raises export and import prices in the Swedish krona. Prices at the producer and import stages are converted from foreign currencies to Swedish kronor according to the Swedish Customs’ exchange rates.
| Currency | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| April 2020– May 2020 |
May 2019– May 2020 |
|
| DKK | 3.2 | ‑4.9 |
| EUR | 3.4 | ‑4.4 |
| GBP | ‑4.0 | ‑3.1 |
| NOK | ‑8.2 | 13.1 |
| USD | 2.9 | ‑9.1 |
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 2020-07-24 at 09:30.
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.