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Producer and Import Price Index, July 2020

Prices decreased on all markets in July

Statistical news from Statistics Sweden 2020-08-25 9.30

The Producer Price Index decreased by 0.7 percent between June and July 2020. This change was driven by a 0.8 percent decrease on the domestic market and a 0.7 percent decrease on the export market. On the import market, prices decreased by 0.1 percent compared with June. The annual rate according to the Producer Price Index was -4.9 percent in July 2020 (-3.8 percent in June).

In brief

  • Prices on paper and paper products continued to decrease on the export market between June and July
  • Lower prices for electricity contributed to the decline on the domestic and export markets between June and July
  • Crude oil prices increased on the import market between June and July

Percentage change
Total: B–E* Change,
percent (monthly)
Change,
percent (yearly)
  June 2020–
July 2020
July 2019–
July 2020
Producer Price Index ‑0.7 ‑4.9
Producer Price Index, home sales ‑0.8 ‑3.5
Export Price Index ‑0.7 ‑6.3
Import Price Index ‑0.1 ‑6.0
Price Index for domestic supply ‑0.5 ‑4.9

* Products from mining and quarrying, manufactured products, electricity, gas, heating, cooling, water and waste collection. ** Subgroups 05, 06, 19, 35 and 36: Energy minerals (mainly crude oil), coal, refined petroleum products, nuclear fuel, electricity, gas, heating, cooling and water.

Changes in the last month

Lower prices for electricity, and to some extent, fabricated metal products contributed to the downturn on the domestic market between June and July. On the export market, lower prices for paper and paper products continued to fall. In addition, lower prices for basic iron and steel and ferro-alloys, computers, electronic and optical products, machinery and equipment, motor vehicles and electricity contributed to this decrease. The downturn was offset, to some extent, by higher prices on basic precious and other non-ferrous metals.

On the import market, several product groups contributed to the downturn, such as basic pharmaceutical products and pharmaceutical preparations, basic iron and steel and ferro-alloys, computers, electronic and optical products and motor vehicles, trailers and semi-trailers. The downturn was offset by higher prices for crude oil and chemicals and chemicals products.

Non-response due to the ongoing coronavirus pandemic is considered to be low in July.

Largest contribution to total change, in percentage points, June 2020–July 2020
  Product group according to SPIN 2015 Largest contributions,
in percentage points,
to total percentage
change,
June 2020–
July 2020
    Producer
Price
Index,
home
sales
Export
Price
Index
Import
Price
Index
06.1 Crude oil     0.4
17 Paper and paper products   ‑0.3  
20 Chemicals and chemical products     0.2
21 Basic pharmaceutical products and pharmaceutical preparations     ‑0.1
24 Basic metals 0.1    
24.1 Basic iron and steel and ferro-alloys   ‑0.1 ‑0.1
24.4 Basic precious and other non-ferrous metals   0.2  
25 Fabricated metal products, except machinery and equipment ‑0.1    
26 Computer, electronic and optical products   ‑0.1 ‑0.2
28 Machinery and equipment n.e.c.   ‑0.1  
29 Motor vehicles, trailers and semi-trailers   ‑0.1 ‑0.1
35.11 Electricity ‑0.9 ‑0.2  

Monthly change between June and July different years, in percent

Producer and Import Price Index, July 2020

Changes in the last year

For all markets, price declines were apparent on a yearly basis. The annual rate according to the Producer Price Index was -4.9 percent in July. The main contribution to the negative annual rate came from lower prices on energy-related products, -24.2 percent on an annual basis. Furthermore, prices on capital goods fell on an annual basis, with an annual rate of -0.8 percent. This was offset, to some extent, by a price increase on consumer goods, with an annual rate was 0.7 percent.

The annual rate for the Price Index for Domestic Supply was -4.9 percent and the monthly change between June and July was -0.5 percent. Prices on energy-related products fell by 25.1 percent compared with the corresponding month a year ago. This was offset, to some extent, by price increases on consumer goods and capital goods of 1.0 percent and 0.2 percent respectively in the same period.

The annual rate was -6.3 percent on the export market, -6.0 percent on the import market, and -3.5 percent on the domestic market.

Percentage change, compared with the corresponding month a year ago

Producer and Import Price Index, July 2020

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. 

Evolution of the Swedish krona exchange rate against the most common trade weighted currencies
Currency Change,
percent (monthly)
Change,
percent (yearly)
  June 2020–
July 2020
July 2019–
July 2020
DKK 0.4 1.5
EUR 0.4 1.6
GBP 0.5 1.9
NOK ‑1.2 10.2
USD 2.6 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 August will be published on 2020-09-25 at 09:30.

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.

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Statistics Sweden, Price Statistics

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