Producer and Import Price Index, July 2023
Producer prices on the domestic market fell in July 2023
Statistical news from Statistics Sweden 2023-08-25 8.00
The Producer Price Index decreased by 0.6 percent in July compared to June 2023. Prices increased by 0.7 percent on the export market and decreased by 1.8 percent on the domestic market. On the import market, prices increased by 1.8 percent. The annual rate according to the Producer Price Index was 2.1 percent in July (-3.1 percent in June).
In brief
- Lower electricity and distribution prices contributed 2.3 percentage points to the downturn on the domestic market.
- Higher prices for refined petroleum products in July compared to June contributed upwards on all markets.
- Compared to July last year, prices for refined petroleum products fell by 20.9 percent for the Producer Price Index, and by 21.4 percent for the Domestic Supply Index.
- The annual rate for consumer goods in Price Index for Domestic Supply was 11.2 percent in July (unchanged annual rate compared to June).
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| June 2023– July 2023 |
July 2022– July 2023 |
|
| Producer Price Index, home sales | ‑1.8 | ‑5.4 |
| Export Price Index | 0.7 | 1.7 |
| Import Price Index | 1.8 | ‑0.5 |
| Producer Price Index | ‑0.6 | ‑2.1 |
| Price Index for domestic supply | 0.1 | ‑2.8 |
*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 the export and import markets, but negative on the domestic market in July. This resulted in negative monthly rate of change for Producer Price Index and positive monthly rate of change for Price Index for Domestic Supply during the same period.
The largest negative contribution on the domestic market came from trade and distribution services of electricity. This downturn was offset by higher prices on refined petroleum products, motor vehicles, trailers and semi-trailers and other machinery and equipment.
On the export market the main upward contribution came from higher prices on refined petroleum products. Prices also rose in other machinery and equipment and motor vehicles, trailers and semi-trailers. This upturn was offset by price decreases on generation of electricity, pulp, paper and paperboard and basic chemicals.
The main contribution to the increase on the import market came from higher prices on crude oil and refined petroleum products. Prices also rose in other machinery and equipment, motor vehicles, trailers and semi-trailers, computer, electronic and optical products, food products, electrical equipment, other chemical products and fabricated metal products. This upturn was offset by price decreases on generation of electricity, basic iron and steel and basic chemicals.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, June 2023– July 2023 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | 0.7 | |||
| 10 | Food products | 0.1 | |||
| 17.11 | Pulp | ‑0.1 | |||
| 19.2 | Refined petroleum products | 0.3 | 0.5 | 0.4 | |
| 20.1 | Basic chemicals | ‑0.1 | ‑0.1 | ||
| 20.5 | Other chemical products | 0.1 | |||
| 24.1 | Basic iron and steel | ‑0.1 | |||
| 25 | Fabricated metal products | 0.1 | |||
| 26 | Computer, electronic and optical products | 0.2 | |||
| 27 | Electrical equipment | 0.1 | |||
| 28 | Other machinery and equipment | 0.1 | 0.4 | 0.2 | |
| 29 | Motor vehicles, trailers and semi-trailers | 0.1 | 0.3 | 0.2 | |
| 35.11A | Generation of electricity | ‑1.0 | ‑0.3 | ||
| 35.13 | Distribution services of electricity | ‑0.4 | |||
| 35.14 | Trade services of electricity | ‑1.9 | |||
Changes in the last year
The annual rate for the domestic market was -5.4 percent in July (-4.9 percent in June). The annual rate for the export market was 1.7 percent during the same period (-0.8 percent in June). On the import market, the annual rate in July was -0.5 percent (-1.6 percent in June).
The annual rate of the Producer Price Index was -2.1 percent in July. Compared with July 2022, prices fell by 28.8 percent on energy-related products. Prices increased by 8.6 percent on consumer goods and increased by 9.7 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 4.8 percent.
The annual rate of the Price Index for Domestic Supply was -2.8 percent in July. Compared with July 2022, prices fell by 31.8 percent on energy-related products. Prices increased by 11.2 percent on consumer goods and increased by 8.6 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 5.8 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) |
|---|---|---|
| June 2023– July 2023 |
July 2022– July 2023 |
|
| DKK | ‑2.6 | ‑9.5 |
| EUR | ‑2.6 | ‑9.6 |
| GBP | ‑4.1 | ‑10.3 |
| NOK | ‑3.6 | 1.1 |
| USD | ‑1.4 | ‑6.1 |
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 August will be published on 2023-09-26 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.