Producer and Import Price Index, March 2023
Lower annual rates for Producer and Import Price Index in March 2023
Statistical news from Statistics Sweden 2023-04-25 8.00
The Producer Price Index decreased by 0.1 percent in March compared to February 2023. The export market was unchanged in March compared to February 2023. Prices decreased by 0.8 percent on the import market. On the domestic market, prices decreased by 0.2 percent. The annual rate according to the Producer Price Index was 3.5 percent in March (9.3 percent in February).
In brief
- Crude oil and natural gas contributed to the downturn on the import market by 0.3 percentage points respectively.
- Lower prices on energy related goods contributed downwards on all markets.
- Lowest annual rates for Producer Price Index and Price Index for Domestic Supply since February 2021.
- The annual rate for consumer goods in Price Index for Domestic Supply was 13.8 percent in March (compared to 16.0 percent in February).
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| February 2023– March 2023 |
March 2022– March 2023 |
|
| Producer Price Index, home sales | ‑0.2 | 2.4 |
| Export Price Index | 0.0 | 4.9 |
| Import Price Index | ‑0.8 | 3.2 |
| Producer Price Index | ‑0.1 | 3.5 |
| Price Index for domestic supply | ‑0.5 | 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 negative on the domestic and import markets, but unchanged on the export market in March. This resulted in negative monthly rate of change for both Producer Price Index and Price Index for Domestic Supply during the same period.
The largest negative contribution on the domestic market came from lower prices on trade services of electricity. Prices also fell within refined petroleum products. This downturn was somewhat offset by higher prices on food products.
On the export market the main downward contribution came from lower prices on refined petroleum products. Prices also fell within paper and paper products, generation of electricity, chemicals and chemical products and motor vehicles. This downturn was offset by higher prices on, for example, basic iron and steel and other machinery and equipment.
The main contributions to the decrease on the import market came from lower prices on crude oil and natural gas. Prices also fell within chemicals and chemical products, generation of electricity, paper and paper products, basic iron and steel as well as structural metal products. This downturn was offset by higher prices on food products, motor vehicles and other machinery and equipment.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, February 2023– March 2023 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | ‑0.3 | |||
| 06.2 | Natural gas | ‑0.3 | |||
| 10 | Food products | 0.1 | 0.1 | ||
| 17 | Paper and paper products | ‑0.1 | ‑0.1 | ||
| 19.2 | Refined petroleum products | ‑0.1 | ‑0.3 | ||
| 20 | Chemicals and chemical products | ‑0.1 | ‑0.1 | ||
| 24.1 | Basic iron and steel | 0.1 | ‑0.1 | ||
| 25.1 | Structural metal products | ‑0.1 | |||
| 28 | Other machinery and equipment | 0.1 | 0.1 | ||
| 29.1 | Motor vehicles | ‑0.1 | 0.1 | ||
| 35.11A | Generation of electricity | ‑0.1 | ‑0.1 | ||
| 35.14 | Trade services of electricity | ‑0.3 | |||
Changes in the last year
The annual rate for the domestic market was 2.4 percent in March (7.3 percent in February). The annual rate for the export market was 4.9 percent during the same period (11.8 percent in February). On the import market, the annual rate in March was 3.2 percent (12.2 percent in February).
The annual rate of the Producer Price Index was 3.5 percent in March. Compared with March 2022, prices fell by 13.7 percent on energy-related products. Prices increased by 13.6 percent on consumer goods and increased by 10.2 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 8.4 percent.
The annual rate of the Price Index for Domestic Supply was 2.8 percent in March. Compared with March 2022, prices fell by 18.2 percent on energy-related products. Prices increased by 13.8 percent on consumer goods and increased by 10.0 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 9.1 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) |
|---|---|---|
| February 2023– March 2023 |
March 2022– March 2023 |
|
| DKK | 0.4 | ‑5.4 |
| EUR | 0.3 | ‑5.6 |
| GBP | 1.0 | ‑0.2 |
| NOK | 2.6 | 1.9 |
| USD | ‑1.0 | ‑11.0 |
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 April will be published on 2023-05-26 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.