Producer and Import Price Index, October 2023
Lower prices on the export market in October 2023
Statistical news from Statistics Sweden 2023-11-24 8.00
The Producer Price Index decreased by 0.6 percent in October compared to September 2023. Prices decreased by 1.3 percent on the export market and increased by 0.1 percent on the domestic market. On the import market, prices were unchanged. The annual rate according to the Producer Price Index was -3.7 percent in October (-4.6 percent in September).
In brief
- Lower prices on refined petroleum products in October compared to September for all markets.
- The annual rate for consumer goods in Price Index for Domestic Supply decreased from 8.5 percent in September to 7.1 percent in October.
- A seasonally normal rise for district heating contributed to the rise in the domestic market.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| September 2023– October 2023 |
October 2022– October 2023 |
|
| Producer Price Index, home sales | 0.1 | ‑6.9 |
| Export Price Index | ‑1.3 | 0.0 |
| Import Price Index | 0.0 | 0.9 |
| Producer Price Index | ‑0.6 | ‑3.7 |
| 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 change in October was positive for the domestic market, negative for the export market and unchanged for the import market. 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 main upward contribution on the domestic market came from higher prices on district heating and motor vehicles. This upturn was offset by price decreases on refined petroleum products, electrical equipment and basic metals.
On the export market the main negative contribution came from lower prices on refined petroleum products. Prices also fell within basic metals, paper and paperboard, generation of electricity, sawn and planed wood as well as on basic chemicals.
The main negative contribution on the import market came from lower prices on refined petroleum products. Prices also fell for basic metals as well as on computer, electronic and optical products. This downturn was somewhat offset by price increases on generation of electricity, basic chemicals and pulp.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, September 2023– October 2023 |
|||
|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
||
| 16.1 | Sawn and planed wood | ‑0.1 | ||
| 17.11 | Pulp | 0.1 | ||
| 17.12 | Paper and paperboard | ‑0.1 | ||
| 19.2 | Refined petroleum products | ‑0.3 | ‑0.6 | ‑0.3 |
| 20.1 | Basic chemicals | ‑0.1 | 0.1 | |
| 24 | Basic metals | ‑0.1 | ‑0.3 | ‑0.1 |
| 26 | Computer, electronic and optical products | ‑0.1 | ||
| 27 | Electrical equipment | ‑0.1 | ||
| 29.1 | Motor vehicles | 0.1 | ||
| 35.11A | Generation of electricity | ‑0.1 | 0.2 | |
| 35.3FB | District heating, apartment buildings | 0.3 | ||
Changes in the last year
The annual rate for the domestic market was -6.9 percent in October (-9.3 percent in September). The annual rate for the export market was unchanged during the same period (0.8 percent in September). On the import market, the annual rate in October was 0.9 percent (-0.7 percent in September).
The annual rate of the Producer Price Index was -3.7 percent in October. Compared with October 2022, prices fell by 30.2 percent on energy-related products. Prices increased by 5.1 percent on consumer goods and increased by 7.5 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 3.2 percent.
The annual rate of the Price Index for Domestic Supply was -2.8 percent in October. Compared with October 2022, prices fell by 25.6 percent on energy-related products. Prices increased by 7.1 percent on consumer goods and increased by 6.2 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 3.8 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) |
|---|---|---|
| September 2023– October 2023 |
October 2022– October 2023 |
|
| DKK | ‑0.2 | ‑8.4 |
| EUR | ‑0.2 | ‑8.6 |
| GBP | 1.5 | ‑9.4 |
| NOK | ‑0.3 | 2.6 |
| USD | ‑1.4 | ‑1.3 |
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 November will be published on 2023-12-22 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.