Producer and Import Price Index, November 2023
Lower prices on export and import markets in November 2023
Statistical news from Statistics Sweden 2023-12-22 8.00
The Producer Price Index rose by 1.4 percent in November compared to October 2023. Prices decreased by 1.1 percent on the export market and increased by 4.0 percent on the domestic market. On the import market, prices decreased by 2.1 percent. The annual rate according to the Producer Price Index was -4.2 percent in November (-3.7 percent in October).
In brief
- Lower prices on refined petroleum products in November compared to October for all markets.
- Lower import prices on crude oil in November compared to October.
- The monthly rate of change for Producer Price Index except energy was -1.1 percent in November.
- The annual rate for consumer goods in Price Index for Domestic Supply decreased from 7.1 percent in October to 5.5 percent in November.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| October 2023– November 2023 |
November 2022– November 2023 |
|
| Producer Price Index, home sales | 4.0 | ‑5.6 |
| Export Price Index | ‑1.1 | ‑2.5 |
| Import Price Index | ‑2.1 | ‑1.0 |
| Producer Price Index | 1.4 | ‑4.2 |
| Price Index for domestic supply | 0.6 | ‑3.2 |
*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, but positive on the domestic market in November. This resulted in a positive monthly rate of change for both Producer Price Index and Price Index for Domestic Supply during the same period.
The main upward contribution on the domestic market came from higher prices on trade services of electricity. Prices also rose in district heating, wood and products of wood and distribution services of electricity. This upturn was offset by price decreases on refined petroleum products, chemicals and chemical products and food products.
On the export market the main negative contribution came from lower prices on refined petroleum products. Prices also fell within pulp, paper and paperboard, motor vehicles, trailers and semi-trailers, other machinery and equipment, chemicals and chemical products, electrical equipment, basic metals and computer, electronic and optical products. 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, motor vehicles, trailers and semi-trailers as well as within computer, electronic and optical products, basic metals, food products, other machinery and equipment, fabricated metal products and plastic products. This downturn was offset by higher prices on generation of electricity and natural gas.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, October 2023– November 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 | ‑0.2 | ||
| 16 | Wood and products of wood | 0.1 | |||
| 17.1 | Pulp, paper and paperboard | ‑0.5 | |||
| 19.2 | Refined petroleum products | ‑0.6 | ‑0.5 | ‑0.3 | |
| 20 | Chemicals and chemical products | ‑0.1 | ‑0.2 | ‑0.2 | |
| 22.2 | Plastic products | ‑0.1 | |||
| 24 | Basic metals | ‑0.1 | ‑0.2 | ||
| 25 | Fabricated metal products | ‑0.1 | |||
| 26 | Computer, electronic and optical products | ‑0.1 | ‑0.2 | ||
| 27 | Electrical equipment | ‑0.1 | |||
| 28 | Other machinery and equipment | ‑0.2 | ‑0.2 | ||
| 29 | Motor vehicles, trailers and semi-trailers | ‑0.3 | ‑0.2 | ||
| 35.11A | Generation of electricity | 1.2 | 0.4 | ||
| 35.13 | Distribution services of electricity | 0.1 | |||
| 35.14 | Trade services of electricity | 3.6 | |||
| 35.3 | District heating | 0.9 | |||
Changes in the last year
The annual rate for the domestic market was -5.6 percent in November (-6.9 percent in October). The annual rate for the export market was -2.5 percent during the same period (0.0 percent in October). On the import market, the annual rate in November was -1.0 percent (0.9 percent in October).
The annual rate of the Producer Price Index was -4.2 percent in November. Compared with November 2022, prices fell by 26.0 percent on energy-related products. Prices increased by 4.1 percent on consumer goods and increased by 5.9 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 1.9 percent.
The annual rate of the Price Index for Domestic Supply was -3.2 percent in November. Compared with November 2022, prices fell by 22.2 percent on energy-related products. Prices increased by 5.5 percent on consumer goods and increased by 4.9 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 2.4 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) |
|---|---|---|
| October 2023– November 2023 |
November 2022– November 2023 |
|
| DKK | 3.0 | ‑5.2 |
| EUR | 2.9 | ‑5.5 |
| GBP | 3.1 | ‑6.0 |
| NOK | 3.4 | 5.1 |
| USD | 1.6 | 1.6 |
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 December will be published on 2024-01-25 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.