Producer and Import Price Index, May 2022
Producer prices continued to be high in May 2022
Statistical news from Statistics Sweden 2022-06-23 8.00
The Producer Price Index rose by 1.8 percent between April and May 2022. Prices also increased by 1.8 percent on the export market as well as on the domestic market. On the importmarket prices rose by 0.3 percent. The annual rate according to the Producer Price Index was 24.4 percent in May (23.8 percent in April).
In brief
- Higher prices on trade services of electricity contributed 0.5 percentage points upwards to the monthly change on the domestic market.
- Higher crude oil prices contributed 0.7 percentage points upwards to the monthly change on the import market.
- Lower prices on natural gas contributed 0.2 percentage points downwards to the monthly change on the import market.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| April 2022– May 2022 |
May 2021– May 2022 |
|
| Producer Price Index, home sales | 1.8 | 22.8 |
| Export Price Index | 1.8 | 25.9 |
| Import Price Index | 0.3 | 30.1 |
| Producer Price Index | 1.8 | 24.4 |
| Price Index for domestic supply | 1.0 | 26.7 |
*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 May 2022. With the exception of the import market, all the markets showed a higher monthly change than in April.
Rising prices on trade services of electricity and food products accounted for the largest contributions in the domestic market, followed by paper and paperproducts. Prices also rose in a number of other product groups. This upturn was offset by seasonally normal price decreases on district heating and lower prices on waste collection and basic metals.
On the export market higher prices on generation of electricity and paper and paperproducts accounted for the largest positive contributions to the monthly change. The increase was offset to some extent by lower prices on basic metals, waste collection, machinery and equipment as well as chemicals and chemical products.
The main contribution to the increase on the import market came from rising prices on crude oil. Higher prices on pharmaceutical preparations, basic metals as well as rubber and plastic products also contributed to the upturn. This upturn was mainly offset by lower prices on natural gas, but also to some extent by lower prices on generation of electricity as well as chemicals and chemical products.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, April 2022– May 2022 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | 0.7 | |||
| 06.2 | Natural gas, liquefied or in gaseous state | ‑0.2 | |||
| 10 | Food products | 0.4 | |||
| 16 | Wood and products of wood and cork, except furniture; articles of straw and plaiting materials | 0.1 | |||
| 17 | Paper and paper products | 0.1 | 0.4 | ||
| 20 | Chemicals and chemical products | 0.1 | ‑0.1 | ‑0.1 | |
| 21.2 | Pharmaceutical preparations | 0.1 | |||
| 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 | ‑0.1 | 0.1 | |
| 25.1 | Structural metal products | ‑0.1 | |||
| 27 | Electrical equipment | 0.1 | |||
| 28 | Machinery and equipment n.e.c. | 0.1 | ‑0.1 | ||
| 29 | Motor vehicles, trailers and semi-trailers | ‑0.1 | |||
| 31 | Furniture | 0.1 | |||
| 35.11A | Generation of electricity | 0.4 | ‑0.1 | ||
| 35.13 | Distribution services of electricity | 0.1 | |||
| 35.14 | Trade services of electricity | 0.5 | |||
| 35.3 | Steam and air conditioning supply services | ‑0.3 | |||
| 38 | Waste collection, treatment and disposal services; materials recovery services | ‑0.1 | ‑0.1 | ‑0.1 | |
Changes in the last year
In May, the highest annual rate was noted for the domestic market, based on current methods. The annual rates for the other markets still remain at a high level.
The annual rate for the domestic market was 22.8 percent in May (22.4 percent in April). The annual rate for the export market was 25.9 percent during the same period (25.1 percent in April). On the import market, the annual rate in May was 30.1 percent (30.8 percent in April).
The annual rate of the Producer Price Index was 24.4 percent in May 2022. Compared with May 2021, prices rose by 72.7 percent on energy-related products, by 11.9 percent on consumer goods and by 9.5 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 17.5 percent.
The annual rate of the Price Index for Domestic Supply was 26.7 percent in May. Prices on energy-related products increased by 78.2 percent compared with the corresponding month a year ago. Prices increased by 13.8 percent on consumer goods and by 8.6 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 17.4 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) |
|---|---|---|
| April 2022– May 2022 |
May 2021– May 2022 |
|
| DKK | 1.2 | ‑1.1 |
| EUR | 1.2 | ‑1.2 |
| GBP | 1.2 | ‑4.9 |
| NOK | ‑0.2 | ‑6.4 |
| USD | ‑0.6 | ‑11.1 |
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 2022-07-26 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.