Producer and Import Price Index, January 2024
Annual rates are still negative for producer prices
Statistical news from Statistics Sweden 2024-02-28 8.00
The Producer Price Index rose by 0.3 percent in January compared to December 2023. Prices decreased by 0.6 percent on the export market and decreased by 1.5 percent on the import market. On the domestic market, prices rose by 1.1 percent. The annual rate according to the Producer Price Index was -2.3 percent in January (-7.7 percent in December).
In brief
- Lower prices for refined petroleum products in January compared to December on the domestic- and import markets.
- Producer Price Index except energy decreased by 0.5 compared to January 2023.
- The annual rate for consumer goods in Price Index for Domestic Supply decreased from 3.9 percent in December to 0.9 percent in January.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| December 2023– January 2024 |
January 2023– January 2024 |
|
| Producer Price Index, home sales | 1.1 | ‑1.2 |
| Export Price Index | ‑0.6 | ‑3.4 |
| Import Price Index | ‑1.5 | ‑3.6 |
| Producer Price Index | 0.3 | ‑2.3 |
| Price Index for domestic supply | ‑0.2 | ‑2.5 |
*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 market and the import market, but positive on the domestic market in January. This resulted in a positive monthly rate of change for Producer Price Index and a negative 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 distribution services of electricity. Prices also rose in district heating, natural water and water treatment and supply services, sawn and planed wood, motor vehicles, trailers and semi-trailers, waste collection services, other machinery and equipment and other fabricated metal products. This upturn was offset by price decreases on trade services of electricity, refined petroleum products and basic metals.
On the export market the main negative contributions came from lower prices on paper and paperboard and motor vehicles, trailers and semi-trailers. Prices also fell within generation of electricity, computer, electronic and optical products, basic chemicals and electrical equipment. This downturn was offset by higher prices on other machinery and equipment, refined petroleum products and sawn and planed wood.
The main contributions to the decrease on the import market came from lower prices on basic chemicals, basic metals and electrical equipment. Prices also fell within crude oil, computer, electronic and optical products, other machinery and equipment, refined petroleum products, basic pharmaceutical products and pharmaceutical preparations and food products.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, December 2023– January 2024 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | ‑0.1 | |||
| 10 | Food products | ‑0.1 | |||
| 16.1 | Sawn and planed wood | 0.1 | 0.1 | ||
| 17.12 | Paper and paperboard | ‑0.2 | |||
| 19.2 | Refined petroleum products | ‑0.2 | 0.1 | ‑0.1 | |
| 20.1 | Basic chemicals | ‑0.1 | ‑0.2 | ||
| 21 | Basic pharmaceutical products and pharmaceutical preparations | ‑0.1 | |||
| 24 | Basic metals | ‑0.1 | ‑0.1 | ‑0.2 | |
| 25 | Fabricated metal products | 0.1 | |||
| 26 | Computer, electronic and optical products | ‑0.1 | ‑0.1 | ||
| 27 | Electrical equipment | ‑0.1 | ‑0.2 | ||
| 28 | Other machinery and equipment | 0.1 | 0.1 | ‑0.1 | |
| 29 | Motor vehicles, trailers and semi-trailers | 0.1 | ‑0.2 | ||
| 35.11A | Generation of electricity | ‑0.1 | |||
| 35.13 | Distribution services of electricity | 0.5 | |||
| 35.14 | Trade services of electricity | ‑0.5 | |||
| 35.3 | District heating | 0.4 | |||
| 36 | Natural water, water treatment and supply services | 0.3 | |||
| 38 | Waste collection, treatment and disposal- and materials recovery services | 0.1 | |||
Changes in the last year
The annual rate for the domestic market was -1.2 percent in January (-9.8 percent in December). The annual rate for the export market was -3.4 percent during the same period (-5.0 percent in December). On the import market, the annual rate in January was -3.6 percent (-2.7 percent in December).
The annual rate of the Producer Price Index was -2.3 percent in January. Compared with January 2023, prices fell by 10.9 percent on energy-related products. Prices increased by 1.5 percent on consumer goods and increased by 4.0 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was -0.5 percent.
The annual rate of the Price Index for Domestic Supply was -2.5 percent in January. Compared with January 2023, prices fell by 10.9 percent on energy-related products. Prices increased by 0.9 percent on consumer goods and increased by 2.7 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was -0.4 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) |
|---|---|---|
| December 2023– January 2024 |
January 2023– January 2024 |
|
| DKK | 2.5 | ‑0.2 |
| EUR | 2.4 | ‑0.4 |
| GBP | 2.0 | ‑1.5 |
| NOK | ‑1.3 | 6.8 |
| USD | 3.0 | 2.7 |
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 February will be published on 2024-03-26 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.