Producer and Import Price Index, September 2023
Higher prices on export and import markets in September 2023
Statistical news from Statistics Sweden 2023-10-25 8.00
The Producer Price Index rose by 1.8 percent in September compared to August 2023. Prices increased by 3.4 percent on the export market and by 4.1 percent on the import market. On the domestic market, prices rose by 0.1 percent. The annual rate according to the Producer Price Index was -4.6 percent in September (-5.9 percent in August).
In brief
- Exchange rates from Swedish Customs are being used to calculate Producer and import price index, according to which the Swedish krona weakened against the most common foreign trade currencies in September. This affected, mostly, export and import prices upwards.
- High prices on energy-related products one year ago results in negative annual rates now.
- The annual rate for consumer goods in Price Index for Domestic Supply decreased from 9.2 percent in August to 8.5 percent in September.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| August 2023– September 2023 |
September 2022– September 2023 |
|
| Producer Price Index, home sales | 0.1 | ‑9.3 |
| Export Price Index | 3.4 | 0.8 |
| Import Price Index | 4.1 | ‑0.7 |
| Producer Price Index | 1.8 | ‑4.6 |
| Price Index for domestic supply | 2.2 | ‑4.9 |
*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 domestic, export and import markets in September. This resulted in positive monthly rate of change for both Producer Price Index and Price Index for Domestic Supply during the same period.
The main upward contribution on the domestic market came from higher prices on refined petroleum products. Prices also rose in motor vehicles, trailers and semi-trailers, basic metals, fabricated metal products, district heating, other machinery and equipment, and chemicals and chemical products. This upturn was offset by price decreases on trade services of electricity and food products.
On the export market the main upward contribution came from higher prices on refined petroleum products. Prices also rose in motor vehicles, trailers and semi-trailers, other machinery and equipment, chemicals and chemical products, paper and paperboard, basic metals, electrical equipment, computer, electronic and optical products, and fabricated metal products. This upturn was somewhat offset by price decreases on generation of electricity.
The main contribution to the increase on the import market came from higher prices on crude oil. Prices also rose in refined petroleum products, chemicals and chemical products, other machinery and equipment, computer, electronic and optical products, motor vehicles, trailers and semi-trailers, electrical equipment, food products, as well as within several other product groups. This upturn was somewhat offset by price decreases on generation of electricity.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, August 2023– September 2023 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | 1.3 | |||
| 10 | Food products | ‑0.1 | 0.2 | ||
| 17.12 | Paper and paperboard | 0.2 | |||
| 19.2 | Refined petroleum products | 0.4 | 0.6 | 0.7 | |
| 20 | Chemicals and chemical products | 0.1 | 0.4 | 0.4 | |
| 22.2 | Plastic products | 0.1 | |||
| 23 | Other non-metallic mineral products | 0.1 | |||
| 24 | Basic metals | 0.1 | 0.1 | 0.1 | |
| 25 | Fabricated metal products | 0.1 | 0.1 | 0.1 | |
| 26 | Computer, electronic and optical products | 0.1 | 0.3 | ||
| 27 | Electrical equipment | 0.1 | 0.2 | ||
| 28 | Other machinery and equipment | 0.1 | 0.4 | 0.4 | |
| 29 | Motor vehicles, trailers and semi-trailers | 0.1 | 0.5 | 0.2 | |
| 30 | Other transport equipment | 0.1 | |||
| 35.11A | Generation of electricity | ‑0.1 | ‑0.1 | ||
| 35.14 | Trade services of electricity | ‑0.8 | |||
| 35.3FB | District heating, apartment buildings | 0.1 | |||
Changes in the last year
The annual rate for the domestic market was -9.3 percent in September (-9.3 percent in August). The annual rate for the export market was 0.8 percent during the same period (-1.9 percent in August). On the import market, the annual rate in September was -0.7 percent (-3.2 percent in August).
The annual rate of the Producer Price Index was -4.6 percent in September. Compared with September 2022, prices fell by 37.0 percent on energy-related products. Prices increased by 6.1 percent on consumer goods and increased by 9.1 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 4.5 percent.
The annual rate of the Price Index for Domestic Supply was -4.9 percent in September. Compared with September 2022, prices fell by 34.7 percent on energy-related products. Prices increased by 8.5 percent on consumer goods and increased by 7.4 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 4.8 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) |
|---|---|---|
| August 2023– September 2023 |
September 2022– September 2023 |
|
| DKK | ‑2.9 | ‑10.5 |
| EUR | ‑3.0 | ‑10.7 |
| GBP | ‑4.9 | ‑9.7 |
| NOK | ‑1.2 | 6.4 |
| USD | ‑6.4 | ‑2.8 |
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 October will be published on 2023-11-24 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.