Producer and Import Price Index, December 2023
Price decreases in all markets in December 2023
Statistical news from Statistics Sweden 2024-01-25 8.00
The Producer Price Index decreased by 1.6 percent in December compared to November 2023. Prices decreased by 2.6 percent on the export market and decreased by 2.8 percent on the import market. On the domestic market, prices decreased by 0.5 percent. The annual rate according to the Producer Price Index was -7.7 percent in December (-4.2 percent in November).
In brief
- Prices for refined petroleum products continued to decrease in December compared to November for all markets.
- Lower import prices on crude oil in December compared to November.
- Prices has decreased in all markets for chemicals and chemical products in December compared to November.
- The annual rate for consumer goods in Price Index for Domestic Supply decreased from 5.5 percent in November to 3.9 percent in December.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| November 2023– December 2023 |
December 2022– December 2023 |
|
| Producer Price Index, home sales | ‑0.5 | ‑9.8 |
| Export Price Index | ‑2.6 | ‑5.0 |
| Import Price Index | ‑2.8 | ‑2.7 |
| Producer Price Index | ‑1.6 | ‑7.7 |
| Price Index for domestic supply | ‑1.7 | ‑6.3 |
*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 export and import markets, as well as on the domestic market in December. This resulted in a 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 refined petroleum products. Prices also fell within chemicals and chemical products, concrete products for construction purposes and motor vehicles. This downturn was offset by a seasonally normal price increase on district heating.
On the export market, the main negative contribution came from lower prices on refined petroleum products. Prices also fell within chemicals and chemical products, motor vehicles, trailers and semi-trailers, other machinery and equipment, basic metals, electrical equipment, paper and paperboard and sawn and planed wood. This downturn was offset by higher prices on generation of electricity.
The main contribution to the decrease on the import market came from lower prices on crude oil. Prices also fell within refined petroleum products, chemicals and chemical products, computer, electronic and optical products, basic metals, as well as withing several other product groups.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, November 2023– December 2023 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | ‑0.8 | |||
| 06.2 | Natural gas | ‑0.1 | |||
| 10 | Food products | ‑0.1 | |||
| 16.1 | Sawn and planed wood | ‑0.1 | |||
| 17.12 | Paper and paperboard | ‑0.1 | |||
| 19.2 | Refined petroleum products | ‑0.6 | ‑0.8 | ‑0.4 | |
| 20 | Chemicals and chemical products | ‑0.1 | ‑0.3 | ‑0.2 | |
| 22.2 | Plastic products | ‑0.1 | |||
| 23.61 | Concrete products for construction | ‑0.1 | |||
| 24 | Basic metals | ‑0.2 | ‑0.2 | ||
| 26 | Computer, electronic and optical products | ‑0.2 | |||
| 27 | Electrical equipment | ‑0.1 | ‑0.1 | ||
| 28 | Other machinery and equipment | ‑0.2 | ‑0.1 | ||
| 29 | Motor vehicles, trailers and semi-trailers | ‑0.3 | ‑0.1 | ||
| 29.1 | Motor vehicles | ‑0.1 | |||
| 35.11A | Generation of electricity | 0.1 | ‑0.1 | ||
| 35.3 | District heating | 0.4 | |||
Changes in the last year
The annual rate for the domestic market was -9.8 percent in December (-5.6 percent in November). The annual rate for the export market was -5.0 percent during the same period (-2.5 percent in November). On the import market, the annual rate in December was -2.7 percent (-1.0 percent in November).
The annual rate of the Producer Price Index was -7.7 percent in December. Compared with December 2022, prices fell by 37.6 percent on energy-related products. Prices increased by 3.4 percent on consumer goods and increased by 5.0 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 1.4 percent.
The annual rate of the Price Index for Domestic Supply was -6.3 percent in December. Compared with December 2022, prices fell by 31.3 percent on energy-related products. Prices increased by 3.9 percent on consumer goods and increased by 4.0 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 1.6 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) |
|---|---|---|
| November 2023– December 2023 |
December 2022– December 2023 |
|
| DKK | 1.3 | ‑3.6 |
| EUR | 1.4 | ‑3.8 |
| GBP | 1.7 | ‑3.6 |
| NOK | 2.4 | 8.2 |
| USD | 4.7 | 1.7 |
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 January will be published on 2024-02-28 at 08:00.
Statistical Database
More information is available in the Statistical Database
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