Producer and Import Price Index, May 2023
Lower prices on energy related goods contributed to negative annual rate for Producer Price Index in May 2023
Statistical news from Statistics Sweden 2023-06-27 8.00
The Producer Price Index decreased by 1.7 percent in May compared to April 2023. Prices decreased by 0.7 percent on the export market and decreased by 2.5 percent on the domestic market. On the import market, prices decreased by 1.4 percent. Compared with May 2022, the Producer Price Index decreased by 2.1 percent. (1.3 percent increase in April).
In brief
- Energy related goods contributed to the downturn on the Producer Price Index by 1.7 percentage point.
- Lower prices on refined petroleum products contributed downwards on all markets.
- The annual rate for Producer Price Index was negative for the first time since January 2021.
- The annual rate for consumer goods in Price Index for Domestic Supply was 11.5 percent in May (compared to 13.1 percent in April).
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| April 2023– May 2023 |
May 2022– May 2023 |
|
| Producer Price Index, home sales | ‑2.5 | ‑4.1 |
| Export Price Index | ‑0.7 | 0.3 |
| Import Price Index | ‑1.4 | 1.0 |
| Producer Price Index | ‑1.7 | ‑2.1 |
| Price Index for domestic supply | ‑1.9 | ‑1.5 |
*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 negative on the domestic, export and import markets in May. This resulted in a negative monthly rate of change for both Producer Price Index and 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. Prices also fell within refined petroleum products, basic metals, district heating and paper and paper products.
On the export market the main negative contribution came from lower prices on refined petroleum products and generation of electricity. Prices also fell within pulp, paper and paperboard, basic metals as well as waste collection, treatment and disposal- and materials recovery services. This downturn was somewhat offset by higher prices on motor vehicles, trailers and semi-trailers, other machinery and equipment and other chemical products.
The main contribution to the decrease on the import market came from lower prices on crude oil. Prices also fell within refined petroleum products, generation of electricity, chemicals and chemical products, natural gas, communication equipment and basic metals. This downturn was offset to some extent by higher prices on other machinery and equipment and motor vehicles, trailers and semi-trailers.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, April 2023– May 2023 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | ‑0.8 | |||
| 06.2 | Natural gas | ‑0.1 | |||
| 17.1 | Pulp, paper and paperboard | ‑0.1 | ‑0.1 | ||
| 19.2 | Refined petroleum products | ‑0.3 | ‑0.5 | ‑0.3 | |
| 20 | Chemicals and chemical products | ‑0.3 | |||
| 20.59 | Other chemical products n.e.c | 0.1 | |||
| 24 | Basic metals | ‑0.1 | ‑0.1 | ‑0.1 | |
| 26.3 | Communication equipment | ‑0.1 | |||
| 28 | Other machinery and equipment | 0.2 | 0.1 | ||
| 29 | Motor vehicles, trailers and semi-trailers | 0.2 | 0.1 | ||
| 35.11A | Generation of electricity | ‑0.5 | ‑0.3 | ||
| 35.14 | Trade services of electricity | ‑2.0 | |||
| 35.3FB | 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 -4.1 percent in May (0.1 percent in April). The annual rate for the export market was 0.3 percent during the same period (2.9 percent in April). On the import market, the annual rate in May was 1.0 percent (2.7 percent in April).
The annual rate of the Producer Price Index was -2.1 percent in May. Compared with May 2022, prices fell by 29.0 percent on energy-related products. Prices increased by 9.9 percent on consumer goods and increased by 10.4 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 5.0 percent.
The annual rate of the Price Index for Domestic Supply was -1.5 percent in May. Compared with May 2022, prices fell by 27.0 percent on energy-related products. Prices increased by 11.5 percent on consumer goods and increased by 9.2 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 5.9 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 2023– May 2023 |
May 2022– May 2023 |
|
| DKK | ‑1.5 | ‑9.2 |
| EUR | ‑1.5 | ‑9.3 |
| GBP | ‑1.3 | ‑4.0 |
| NOK | ‑0.2 | 9.4 |
| USD | 0.2 | ‑8.1 |
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 2023-07-25 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.