Producer and Import Price Index, Augusti 2023
Lower prices on export and import markets in August 2023
Statistical news from Statistics Sweden 2023-09-26 8.00
The Producer Price Index decreased by 0.7 percent in August compared to July 2023. Prices decreased by 1.4 percent on the export market and by 1.7 percent on the import market. On the domestic market, prices were unchanged. The annual rate according to the Producer Price Index was -5.9 percent in August (-2.1 percent in July).
In brief
- Exchange rates from Swedish Customs are being used to calculate Producer and import price index, according to which the Swedish krona strengthened against both the Dollar and the Euro during August. This affected, mostly, export and import prices downwards.
- Prices for refined petroleum products continue to increase on a monthly basis on all markets.
- The annual rate for consumer goods in Price Index for Domestic Supply decreased from 11.2 percent in July to 9,2 percent in August.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| July 2023– August 2023 |
August 2022– August 2023 |
|
| Producer Price Index, home sales | 0.0 | ‑9.3 |
| Export Price Index | ‑1.4 | ‑1.9 |
| Import Price Index | ‑1.7 | ‑3.2 |
| Producer Price Index | ‑0.7 | ‑5.9 |
| Price Index for domestic supply | ‑0.9 | ‑6.1 |
*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 export and import markets, but unchanged on the domestic market in August. This resulted in negative monthly rate of change for both Producer Price Index and Price Index for Domestic Supply during the same period.
On the domestic market the main downward contribution came from lower prices on basic metals and trade services of electricity. Paper and paper products and motor vehicles, trailers and semi-trailers contributed downwards as well. The downturn was offset by higher prices on refined petroleum products, waste collection services and electrical equipment.
On the export market the main negative contribution came from lower prices on chemicals and chemical products. Prices also fell on paper and paper products, other machinery and equipment, motor vehicles, trailers and semi-trailers, basic metals, as well as within several other product groups. This downturn was offset by higher prices mostly on refined petroleum products.
The main contribution to the decrease on the import market came from lower prices on computer, electronic and optical products. Prices also fell within other machinery and equipment, chemicals and chemical products, food products and basic metals, as well as within several other product groups. This downturn was offset by higher prices on refined petroleum products and crude oil.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, July 2023– August 2023 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | 0.1 | |||
| 10 | Food products | ‑0.2 | |||
| 14.13 | Other outerwear | ‑0.1 | |||
| 17 | Paper and paper products | ‑0.1 | ‑0.3 | ‑0.1 | |
| 19.2 | Refined petroleum products | 0.5 | 0.8 | 0.4 | |
| 20 | Chemicals and chemical products | ‑0.4 | ‑0.2 | ||
| 22 | Rubber and plastic products | ‑0.1 | |||
| 23 | Other non-metallic mineral products | ‑0.1 | |||
| 24 | Basic metals | ‑0.2 | ‑0.2 | ‑0.2 | |
| 24.1 | Basic iron and steel | 0.1 | ‑0.1 | ||
| 25 | Fabricated metal products | ‑0.1 | ‑0.1 | ||
| 26 | Computer, electronic and optical products | ‑0.3 | |||
| 27 | Electrical equipment | 0.1 | ‑0.1 | ‑0.1 | |
| 28 | Other machinery and equipment | ‑0.3 | ‑0.2 | ||
| 29 | Motor vehicles, trailers and semi-trailers | ‑0.1 | ‑0.3 | ‑0.1 | |
| 35.11A | Generation of electricity | ‑0.1 | |||
| 35.14 | Trade services of electricity | ‑0.1 | |||
| 38.1 | Waste collection services | 0.1 | |||
Changes in the last year
The annual rate for the domestic market was -9.3 percent in August (-5.4 percent in July). The annual rate for the export market was -1.9 percent during the same period (1.7 percent in July). On the import market, the annual rate in August was -3.2 percent (-0.5 percent in July).
The annual rate of the Producer Price Index was -5.9 percent in August. Compared with August 2022, prices fell by 37.5 percent on energy-related products. Prices increased by 7.0 percent on consumer goods and increased by 8.1 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 3.0 percent.
The annual rate of the Price Index for Domestic Supply was -6.1 percent in August. Compared with August 2022, prices fell by 37.5 percent on energy-related products. Prices increased by 9.2 percent on consumer goods and increased by 7.2 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 4.1 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) |
|---|---|---|
| July 2023– August 2023 |
August 2022– August 2023 |
|
| DKK | 2.5 | ‑9.0 |
| EUR | 2.4 | ‑9.1 |
| GBP | 3.9 | ‑7.3 |
| NOK | ‑1.0 | 1.4 |
| USD | 5.3 | 0.1 |
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 September will be published on 2023-10-25 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.