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Services Producer Price Index, first quarter 2022

The annual rate continues to rise for services prices in the first quarter of 2022

Statistical news from Statistics Sweden 2022-05-06 8.00

The Services Producer Price Index increased by 2.7 percent in the first quarter of 2022 compared to the fourth quarter of 2021. Since the first quarter of 2021, the Services Producer Price Index has increased by 6.3 percent. That is the highest annual rate since 2005, when compilation of total SPPI began. The annual rate in the fourth quarter of 2021 was 4.8 percent.

Percentage change
  Services Producer Price Indices Quarterly
change,
percent
Annual
change,
percent
Section   Q4 2021–
Q1 2022
Q1 2021–
Q1 2022
  SPPI 2.7 6.3
H Transport and storage services 5.5 15.2
I Hotel and restaurant services 0.2 5.9
J Information and communication services 2.4 4.6
L Real estate services 2.7 3.4
M Professional, scientific and technical services 1.5 3.1
N Administrative and support services 1.6 4.3
R+S Other services 1.3 4.5

H includes (49-53), I includes (55-56), J includes (58-63), L includes (68), M includes (69-75), N includes (77-82), R+S includes (93+95-96).

Changes during the last quarter

The main upward contribution to the positive quarterly rate of change was higher prices in the section for real estate services with a contribution of 0.4 percentage points to total SPPI. Support services for transportation also accounted for an upward contribution of 0.4 percentage points.

During the quarter prices also increased in freight transport services by road and removal services as well as publishing services. They both contributed upwards by 0.3 percentage points each. Higher prices in sea and coastal freight water transport services, computer programming, consultancy and related services, as well as rental and leasing services, each contributed 0.2 percentage points. There were also several groups that contributed upward with 0.1 percentage point each. This increase was partially offset by a downward contribution of 0.1 percentage point each from travel agency and tour operator services and from hotel and similar accommodation services.

Largest contributions to total change, in percentage points, quarter 4 2021 – quarter 1 2022
  Product group according to SPIN 2015 Largest contributions,
in percentage points,
to total percentage
change,
Q4 2021–
Q1 2022
49.3 Other passenger land transport services 0.1
49.4 Freight transport services by road and removal services 0.3
50.2 Sea and coastal freight water transport services 0.2
52.2 Support services for transportation 0.4
55.1 Hotel and similar accommodation services ‑0.1
56 Food and beverage serving services 0.1
58 Publishing services 0.3
59 Motion picture, video and television programme production services, sound recording and music publishing 0.1
62 Computer programming, consultancy and related services 0.2
68 Real estate services 0.4
69 Legal and accounting services 0.1
70.2 Management consulting services 0.1
71.12 Engineering services and related technical consulting services 0.1
74 Other professional, scientific and technical services 0.1
77 Rental and leasing services 0.2
79.1 Travel agency and tour operator services ‑0.1

Changes in the last year

The annual rate of change for the Services Producer Price Index was positive in the first quarter of 2022, with 6.3 percent compared to the annual rate of 4.8 percent in the fourth quarter of 2021. This is the highest annual rate since 2005, when compilation of total SPPI began.

In the past year, prices have risen mainly within transportation and storage services, which contributed to the annual rate by 3.0 percentage points. In this section, support services for transportation contributed with 1.3 percentage points to the upturn. Land transport services and water transport services contributed by 0.8 percentage points, respectively.

Higher prices in information and communication services contributed to the annual rate by 1.4 percentage points, where computer programming, consultancy and related services accounted for an upward contribution of 0.5 percentage points.

Several groups in professional, scientific and technical services together contributed upward to the annual rate by 0.7 percentage points. Administrative and support services contributed upwards by 0.5 percentage points, where the main upward contribution came from rental and leasing services by 0.4 percentage points. Real estate services also contributed upwards by 0.5 percentage points.

Next publishing will be

The Services Producer Price Index for the second quarter 2022 will be published on 2022-08-05 at 8:00.

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.

Statistical agency

Statistics Sweden

E-mail
priser@scb.se

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Lena Sahlin

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