Producer and Import Price Index, July 2022
Lower energy prices had an impact on the Producer Price Index in July 2022
Statistical news from Statistics Sweden 2022-08-26 8.00
The Producer Price Index decreased by 1.5 percent between June and July 2022. Prices decreased by 1.8 percent on the export market and by 1.3 percent on the domestic market. On the import market prices rose by 0.6 percent. The annual rate according to the Producer Price Index was 20.4 percent in July (25.6 percent in June).
In brief
- Lower prices on energy-related products contributed to the monthly change on the domestic market and the export market.
- Higher prices on natural gas contributed to the upturn on the import market.
- The annual rate for consumer goods in Price Index for Domestic Supply continued to rise somewhat and was 15.2 percent (15.1 percent in June).
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| June 2022– July 2022 |
July 2021– July 2022 |
|
| Producer Price Index, home sales | ‑1.3 | 19.5 |
| Export Price Index | ‑1.8 | 21.1 |
| Import Price Index | 0.6 | 32.0 |
| Producer Price Index | ‑1.5 | 20.4 |
| Price Index for domestic supply | ‑0.3 | 25.9 |
*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 all markets except the import market in July 2022.
Lower prices on trade services of electricity accounted for the largest contribution to the downturn in the domestic market. Sawn and planed wood, basic metals, machining services and sorted materials recovery services also contributed downwards. This downturn was offset to some extent by higher prices on district heating and food products, as well as some other product groups.
On the export market lower prices on generation of electricity, sawn and planed wood and basic metals accounted for the largest negative contributions to the monthly change. The decrease was offset to some extent by higher prices on machinery and equipment, pulp, paper and paperboard as well as chemicals and chemical products. Higher prices in a number of other product groups also contributed to offset the decrease.
The main contribution to the increase on the import market came from higher prices on natural gas. Generation of electricity as well as machinery and equipment also contributed to the upturn. This upturn was mainly offset by lower prices on crude oil. Basic metals, pharmaceutical preparations as well as waste collection, treatment and disposal- and materials recovery services also contributed to offset the increase.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, June 2022– July 2022 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | ‑0.7 | |||
| 06.2 | Natural gas, liquefied or in gaseous state | 0.7 | |||
| 10 | Food products | 0.2 | 0.1 | 0.1 | |
| 16.1 | Wood, sawn and planed | ‑0.2 | ‑0.4 | ||
| 16.2 | Products of wood, cork, straw and plaiting materials | 0.1 | |||
| 17.1 | Pulp, paper and paperboard | 0.1 | 0.3 | ||
| 20 | Chemicals and chemical products | 0.2 | 0.1 | ||
| 21.2 | Pharmaceutical preparations | ‑0.1 | |||
| 22.2 | Plastic products | 0.1 | |||
| 24 | Basic metals | ‑0.2 | ‑0.3 | ‑0.2 | |
| 25 | Fabricated metal products, except machinery and equipment | 0.1 | |||
| 25.62 | Machining services | ‑0.1 | |||
| 26.2 | Computers and peripheral equipment | 0.1 | |||
| 27.9 | Other electrical equipment | 0.1 | 0.1 | ||
| 28 | Machinery and equipment n.e.c. | 0.1 | 0.4 | 0.2 | |
| 29 | Motor vehicles, trailers and semi-trailers | 0.1 | 0.1 | ||
| 35.11A | Generation of electricity | ‑1.1 | 0.2 | ||
| 35.14 | Trade services of electricity | ‑0.8 | |||
| 35.3 | Steam and air conditioning supply services | 0.3 | |||
| 38 | Waste collection, treatment and disposal services; materials recovery services | ‑0.1 | |||
| 38.32 | Sorted materials recovery services; secondary raw materials | ‑0.1 | |||
Changes in the last year
The annual rate for the domestic market was 19.5 percent in July (24.2 percent in June). The annual rate for the export market was 21.1 percent during the same period (26.8 percent in June). On the import market, the annual rate in July was 32.0 percent (33.6 percent in June).
The annual rate of the Producer Price Index was 20.4 percent in July 2022. Prices on energy-related products increased by 55.6 percent compared with the corresponding month a year ago. Prices increased by 14.4 percent on consumer goods and by 12.0 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 15.0 percent.
The annual rate of the Price Index for Domestic Supply was 25.9 percent in July. Prices on energy-related products increased by 74.5 percent compared with the corresponding month a year ago. Prices increased by 15.2 percent on consumer goods and by 11.2 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 16.7 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) |
|---|---|---|
| June 2022– July 2022 |
July 2021– July 2022 |
|
| DKK | ‑1.8 | ‑5.1 |
| EUR | ‑1.7 | ‑5.1 |
| GBP | ‑0.1 | ‑4.3 |
| NOK | 0.5 | ‑2.1 |
| USD | ‑1.7 | ‑16.5 |
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 2022-09-27 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.