Producer and Import Price Index, February 2022
Price increases in all markets in February
Statistical news from Statistics Sweden 2022-03-25 8.00
The Producer Price Index rose by 1.2 percent from January 2022 to February 2022. Prices increased by 1.7 percent on the export market and by 2.7 percent on the import market. On the domestic market, prices rose by 0.7 percent. The annual rate according to the Producer Price Index was 19.3 percent in February (19.7 percent in January).
In brief
- The annual rate for the import market reached the highest level in 30 years.
- Higher crude oil prices contributed 0.8 percentage points upwards to the monthly change in the import market.
- Annual rate for consumer goods in the Price Index for Domestic Supply was 9.8 percent (9.4 percent in January).
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| January 2022– February 2022 |
February 2021– February 2022 |
|
| Producer Price Index, home sales | 0.7 | 17.5 |
| Export Price Index | 1.7 | 21.0 |
| Import Price Index | 2.7 | 24.3 |
| Producer Price Index | 1.2 | 19.3 |
| Price Index for domestic supply | 1.7 | 21.0 |
*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 from January to February 2022. However, this was somewhat offset by lower electricity prices in all markets, but the price of electricity was still at a high level.
Rising prices for fabricated metal products, except machinery and equipment and food products accounted for the largest contributions in the domestic market. Prices also rose in a number of other product groups. Decrease in prices for certain product groups, especially in trade services of electricity counteracted the upturn somewhat.
On the export market higher prices for paper and paper products accounted for the largest positive contribution to the monthly change. Higher prices for basic metals and motor vehicles, trailers and semi-trailers also contributed to the price upturn. Prices also rose in a number of other product groups. The increase was offset to some extent by lower prices for generation of electricity.
The main contribution to the increase on the import market was higher crude oil prices. Food products, basic metals and especially aluminium, also contributed to the upturn, as did a number of other product groups. The upturn was to some extent offset by lower prices on generation of electricity as well as on pharmaceutical preparations.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, January 2022– February 2022 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | 0.8 | |||
| 06.2 | Natural gas, liquefied or in gaseous state | 0.1 | |||
| 10 | Food products | 0.2 | 0.3 | ||
| 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 | 0.2 | ||
| 21.2 | Pharmaceutical preparations | ‑0.1 | |||
| 22 | Rubber and plastic products | 0.1 | |||
| 23 | Other non-metallic mineral products | 0.1 | |||
| 24 | Basic metals | 0.1 | 0.2 | 0.3 | |
| 24.42 | Aluminium | 0.1 | |||
| 25 | Fabricated metal products, except machinery and equipment | 0.2 | 0.1 | ||
| 26.2 | Computers and peripheral equipment | 0.1 | |||
| 27 | Electrical equipment | 0.1 | 0.1 | ||
| 28 | Machinery and equipment n.e.c. | 0.1 | 0.1 | 0.1 | |
| 29 | Motor vehicles, trailers and semi-trailers | 0.2 | |||
| 29.3 | Parts and accessories for motor vehicles | 0.1 | 0.1 | ||
| 35.11A | Generation of electricity | ‑0.5 | ‑0.2 | ||
| 35.14 | Trade services of electricity | ‑0.9 | |||
| 38 | Waste collection, treatment and disposal services; materials recovery services | 0.1 | 0.1 | ||
Changes in the last year
In February, the highest annual rate was noted for the import market, based on current methods.
The annual rate for the domestic market was 17.5 percent in February (18.0 percent in January). The annual rate for the export market was 21.0 percent during the same period (21.5 percent in January). On the import market, the annual rate in February was 24.3 percent (23.8 percent in January).
The annual rate of the Producer Price Index was 19.3 percent in February 2022. Compared with February 2021, prices rose by 36.3 percent on energy-related products, by 8.7 percent on capital goods, and by 7.1 percent on consumer goods. The annual rate of the Producer Price Index excluding energy-related products was 16.5 percent.
The annual rate of the Price Index for Domestic Supply was 21.0 percent in February. Prices on energy-related products increased by 49.3 percent compared with the corresponding month a year ago. Prices increased by 9.8 percent on consumer goods and by 7.2 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 15.7 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) |
|---|---|---|
| January 2022– February 2022 |
February 2021– February 2022 |
|
| DKK | ‑0.4 | ‑2.1 |
| EUR | ‑0.4 | ‑2.2 |
| GBP | ‑2.3 | ‑8.2 |
| NOK | ‑1.3 | ‑5.5 |
| USD | 0.1 | ‑8.7 |
A positive number means that the Swedish krona was strengthened against that currency.
Revision
Since the previous publication, the figures for January have been revised due to an update in the CN nomenclature from Eurostat. This has had an impact on certain product groups. The size of the revision in total is 0.1 percentage point in the domestic market, the export market and the producer price index.
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 March will be published on 2022-04-27 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.