Services Producer Price Index, second quarter 2023
Continued slowdown in annual rates for service prices in the second quarter of 2023
Statistical news from Statistics Sweden 2023-08-04 8.00
The Services Producer Price Index increased by 0.6 percent in the second quarter of 2023 compared to the first quarter of 2023. Since the second quarter of 2022, the Services Producer Price Index has increased by 4.1 percent (5.9 percent in the first quarter of 2023).
| Services Producer Price Indices | Quarterly change, percent |
Annual change, percent |
|
|---|---|---|---|
| Section | Q1 2023– Q2 2023 |
Q2 2022– Q2 2023 |
|
| SPPI | 0.6 | 4.1 | |
| H | Transport and storage services | ‑0.2 | 1.5 |
| I | Hotel and restaurant services | 3.6 | 8.5 |
| J | Information and communication services | ‑0.5 | 3.9 |
| L | Real estate services | 1.2 | 6.0 |
| M | Professional, scientific and technical services | 0.7 | 3.4 |
| N | Administrative and support services | 2.2 | 6.2 |
| R+S | Other services | 1.8 | 7.9 |
H includes (49–53), I includes (55–56), J includes (58–63), L includes (68), M includes (69–75), N includes (77–82), R+S includes (93+95–96).
Changes during the last quarter
The quarterly rate of change was lower in the second quarter 2023 than in the first quarter 2023, 0.6 percent compared to 1.2 percent.
There were several different services which contributed with 0.1 percentage points to the quarterly rate of change. These includes hotel services, food and beverage serving services, other passenger land transport services, architectural and engineering services as well as rental and leasing services. Additionally, prices increased for services within motion picture, video and television programme production, sound recording and music publishing which also contributed with 0.1 percentage points to the quarterly rate of change.
This increase was partially offset by a downward contribution of 0.2 percentage points due to lower prices on software publishing services. Moreover, prices decreased for services within computer facilities management services as well as support services for transportation which contributed downward with 0.1 percentage points each.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, Q1 2023– Q2 2023 |
|
|---|---|---|
| 49.3 | Other passenger land transport services | 0.1 |
| 52.2 | Support services for transportation | ‑0.1 |
| 55.1 | Hotel and similar accommodation services | 0.1 |
| 56 | Food and beverage serving services | 0.1 |
| 58.2 | Software publishing services | ‑0.2 |
| 59 | Motion picture, video and television programme production services, sound recording and music publishing | 0.1 |
| 62.03 | Computer facilities management services | ‑0.1 |
| 71.1 | Architectural and engineering services and related technical consulting services | 0.1 |
| 77 | Rental and leasing services | 0.1 |
Changes in the last year
The annual rate of change for the Services Producer Price Index was positive in the second quarter of 2023, 4.1 percent, but lower compared to the annual rate of 5.9 percent in the first quarter of 2023.
The main contribution to the positive annual rate of change came from information and communication services which contributed with 1.0 percentage points. Real estate services contributed with 0.8 percentages points while professional, scientific and technical services as well as administrative and support services contributed with 0.7 percentage points each. Moreover, hotel and restaurant services contributed with 0.5 percentage points, transport and storage services contributed with 0.3 percentage points and other services contributed with 0.1 percentage points.
Next publishing will be
The Services Producer Price Index for the third quarter 2023 will be published on 2023-11-03 at 8:00.
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.