Producer and Import Price Index, March 2024
Price increases in all markets in March 2024
Statistical news from Statistics Sweden 2024-04-25 8.00
The Producer Price Index rose by 0.6 percent in March compared to February 2024. Prices increased by 0.4 percent on the export market and increased by 0.8 percent on the domestic market. On the import market prices rose by 0.2 percent. The annual rate according to the Producer Price Index was -0.6 percent in March (-1.3 percent in February).
In brief
- Producer Price Index except energy increased by 0.5 percent compared to March 2023.
- Prices for energy-related goods continued to decrease compared to the same period last year, while they increased compared to the previous month. This applies to producer prices as well as prices for domestic supply.
- Prices for electricity on the domestic market rose in March compared to February. However, the rise was offset somewhat by a seasonally normal price reduction for district heating.
- The annual rate for consumer goods in Price Index for Domestic Supply decreased from 1.1 percent in February to 0.8* percent in March.
*Updated 2024-04-25 8:39. The value was previously incorrectly stated as 0.2 percent in March.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| February 2024– March 2024 |
March 2023– March 2024 |
|
| Producer Price Index, home sales | 0.8 | ‑0.3 |
| Export Price Index | 0.4 | ‑1.0 |
| Import Price Index | 0.2 | ‑0.6 |
| Producer Price Index | 0.6 | ‑0.6 |
| Price Index for domestic supply | 0.4 | ‑0.4 |
*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 positive on all markets in March. 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 basic metals, pulp and waste treatment and disposal services. This upturn was offset by a seasonal normal price decrease on district heating.
On the export market the main upward contribution came from higher prices on generation of electricity and basic metals. Prices also rose in sawn and planed wood, pulp and refined petroleum products. This upturn was offset by price decreases on motor vehicles, trailers and semi-trailers as well as on other machinery and equipment.
The increase on the import market came from higher prices on crude oil, refined petroleum products and chemicals and chemical products. This upturn was offset by price decreases on other machinery and eqiuipment as well as on motor vehicles, trailers and semi-trailers.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, February 2024– March 2024 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | 0.1 | |||
| 16.1 | Sawn and planed wood | 0.1 | |||
| 17.11 | Pulp | 0.1 | 0.1 | ||
| 19.2 | Refined petroleum products | 0.1 | 0.1 | ||
| 20 | Chemicals and chemical products | 0.1 | |||
| 24 | Basic metals | 0.1 | 0.2 | ||
| 28 | Other machinery and equipment | ‑0.1 | ‑0.1 | ||
| 29 | Motor vehicles, trailers and semi-trailers | ‑0.1 | ‑0.1 | ||
| 35.11A | Generation of electricity | 0.3 | |||
| 35.14 | Trade services of electricity | 0.5 | |||
| 35.3FB | District heating | ‑0.1 | |||
| 38.2 | Waste treatment and disposal services | 0.1 | |||
Changes in the last year
The annual rate for the domestic market was -0.3 percent in March (-1.2 percent in February). The annual rate for the export market was -1.0 percent during the same period (-1.4 percent in February). On the import market, the annual rate in March was -0.6 percent (-1.6 percent in February).
The annual rate of the Producer Price Index was -0.6 percent in March. Compared with March 2023, prices fell by 6.8 percent on energy-related products. Prices increased by 2.5 percent on consumer goods and increased by 3.8 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 -0.4 percent in March. Compared with March 2023, prices fell by 4.7 percent on energy-related products. Prices increased by 0.8 percent on consumer goods and increased by 2.6 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 0.5 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) |
|---|---|---|
| February 2024– March 2024 |
March 2023– March 2024 |
|
| DKK | 1.2 | ‑0.5 |
| EUR | 1.2 | ‑0.5 |
| GBP | 1.5 | ‑3.9 |
| NOK | 0.9 | 3.4 |
| USD | 0.2 | 0.1 |
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 April will be published on 2024-05-24 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.