Services Producer Price Index, third quarter 2021
Highest annual rate in 13 years for service prices in the third quarter of 2021
Statistical news from Statistics Sweden 2021-11-05 9.30
The Service Producer Price Index increased by 1.6 percent from the second quarter of 2021 to the third quarter of 2021. Since the third quarter of 2020, the Service Producer Price Index has increased by 3.2 percent. That is the highest annual rate since the third quarter of 2008. The annual rate in the second quarter of 2021 was 1.9 percent.
| Service Producer Price Indices | Quarterly change, percent |
Annual change, percent |
|
|---|---|---|---|
| Section | Q2 2021– Q3 2021 |
Q3 2020– Q3 2021 |
|
| SPPI | 1.6 | 3.2 | |
| H | Transport and storage services | 3.9 | 9.6 |
| I | Hotel and restaurant services | 1.8 | 2.1 |
| J | Information and communication services | 0.8 | 1.0 |
| L | Real estate services | 0.1 | 1.8 |
| M | Professional, scientific and technical services | 0.5 | 2.9 |
| N | Administrative and support services | 2.6 | 0.6 |
| R+S | Other services | 1.4 | 2.9 |
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 main upward contribution to the positive quarterly rate of change was higher prices in the section for transportation services, with a contribution of 0.8 percentage point, in which support services for transportation resulted in an upward contribution of 0.5 percentage points. Within the same section, higher prices for water transport services and freight transport services account for an upward contribution of 0.2 percentage point and 0.1 percentage point, respectively.
Higher prices for several groups as telecommunications services, hotel and similar accommodation services, computer programming services, legal and accounting services, management consulting services, rental and leasing services as well as travel agency and tour operator services also contributed upward with 0.1 percentage point each. This increase was partially offset by a downward contribution of 0.1 percentage from advertising and market research services.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, Q2 2021– Q3 2021 |
|
|---|---|---|
| 49.41 | Freight transport services by road | 0.1 |
| 50 | Water transport services | 0.2 |
| 52.2 | Support services for transportation | 0.5 |
| 55.1 | Hotel and similar accommodation services | 0.1 |
| 61 | Telecommunications services | 0.1 |
| 62.01 | Computer programming services | 0.1 |
| 69 | Legal and accounting services | 0.1 |
| 70.2 | Management consulting services | 0.1 |
| 73 | Advertising and market research services | ‑0.1 |
| 77 | Rental and leasing services | 0.1 |
| 79.1 | Travel agency and tour operator services | 0.1 |
Changes in the last year
The annual rate of change for the Service Producer Price Index was positive also in the third quarter of 2021, with 3.2 percent compared 1.9 percent in the second quarter of 2021. That is the highest annual rate since the third quarter of 2008.
In the past year, prices have risen mainly within transportation and storage services of which support services for transportation and water transport services contributed the most to the positive annual rate. Prices for support services for transportation increased by 18.2 percent compared to the same quarter last year. Water transport services increased by 34.5 percent during the same period.
Price increases for several groups within professional, scientific and technical services contributed the positive annual rate as well.
Next publishing will be
The Services Producer Price Index for the fourth quarter 2021 will be published on 2022-02-04 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.