Services Producer Price Index, second quarter 2022
The annual rate continues to rise for services prices in the second quarter of 2022
Statistical news from Statistics Sweden 2022-08-05 8.00
The Services Producer Price Index increased by 2.3 percent in the second quarter of 2022 compared to the first quarter of 2022. Since the second quarter of 2021, the Services Producer Price Index has increased by 7.9 percent. That is the highest annual rate since 2005, when compilation of total SPPI began. The annual rate in the first quarter of 2022 was 6.3 percent.
| Services Producer Price Indices | Quarterly change, percent |
Annual change, percent |
|
|---|---|---|---|
| Section | Q1 2022– Q2 2022 |
Q2 2021– Q2 2022 |
|
| SPPI | 2.3 | 7.9 | |
| H | Transport and storage services | 4.3 | 16.9 |
| I | Hotel and restaurant services | 4.6 | 9.1 |
| J | Information and communication services | 2.3 | 6.7 |
| L | Real estate services | 0.4 | 4.1 |
| M | Professional, scientific and technical services | 1.4 | 3.8 |
| N | Administrative and support services | 1.9 | 6.6 |
| R+S | Other services | 1.5 | 5.4 |
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 quarterly rate of change was lower in the second quarter 2022 than in the first quarter 2022, 2.3 percent compared to 2.7 percent.
The main upward contribution to the positive quarterly rate of change was higher prices on freight transport services by road with a contribution of 0.3 percentage points to total SPPI. Software publishing services, support services for transportation, other passenger land transport services as well as sea and coastal freight water transport services contributed with 0.2 percentage point each.
There were also several groups that each contributed upward with 0.1 percentage point.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, Q1 2022– Q2 2022 |
|
|---|---|---|
| 49.3 | Other passenger land transport services | 0.2 |
| 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 | 0.2 |
| 55.1B | Hotel services, private guests | 0.1 |
| 56 | Food and beverage serving services | 0.1 |
| 58.2 | Software publishing services | 0.2 |
| 59 | Motion picture, video and television programme production services, sound recording and music publishing | 0.1 |
| 61.2 | Cell phone services | 0.1 |
| 62 | Computer programming, consultancy and related services | 0.1 |
| 68.2B | Rental and operating services of own or leased shops | 0.1 |
| 70.2 | Management consulting services | 0.1 |
| 71.1 | Architectural and engineering services and related technical consulting services | 0.1 |
| 77.4 | Licensing services for the right to use intellectual property and similar products, except copyrighted works | 0.1 |
| 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 second quarter of 2022, with 7.9 percent compared to the annual rate of 6.3 percent in the first quarter of 2022. This is the highest annual rate since 2005, when compilation of total SPPI began.
In the past year, prices have risen mainly within support services for transportation, which contributed to the annual rate by 1.3 percentage points. Freight transport services by road as well as sea and coastal freight water transport services contributed upwards by 0.8 percentage points, respectively. Higher prices in computer programming, consultancy and related services contributed to the annual rate by 0.7 percentage points. Rental and operating services of own or leased real estate and software publishing services contributed by 0.6 and 0.5 percentage points respectively.
Next publishing will be
The Services Producer Price Index for the third quarter 2022 will be published on 2022-11-04 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.