Producer and Import Price Index, August 2024
Lower prices on the domestic market in August 2024
Statistical news from Statistics Sweden 2024-09-25 8.00
The Producer Price Index rose by 0.6 percent in August compared to July 2024. Prices increased by 1.9 percent on the export market and increased by 2.2 percent on the import market. On the domestic market, prices decreased by 0.7 percent. The annual rate according to the Producer Price Index was 1.2 percent in August (-0.1 percent in July).
In brief
- Lower prices on energy related goods contributed downwards on all markets, on the yearly rates as well as the monthly rates.
- The annual rate of the Producer Price Index excluding energy-related products increased from 0.8 percent in July to 3.7 percent in August.
- The annual rate for consumer goods in Price Index for Domestic Supply increased from -0.5 percent in July to 2.8 percent in August.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| July 2024– August 2024 |
August 2023– August 2024 |
|
| Producer Price Index, home sales | ‑0.7 | 0.7 |
| Export Price Index | 1.9 | 1.6 |
| Import Price Index | 2.2 | 1.6 |
| Producer Price Index | 0.6 | 1.2 |
| Price Index for domestic supply | 0.9 | 1.3 |
*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 the export and import markets, but negative on the domestic market in August. 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 largest negative contribution on the domestic market came from lower prices on trade services of electricity. Prices also fell within refined petroleum products and fabricated metal products. This downturn was offset by higher prices on electrical equipment.
On the export market the main upward contribution came from higher prices on other machinery and equipment. Prices also rose in motor vehicles, chemicals and chemical products, paper and paperboard, as well as several other product groups. This upturn was offset by price decreases on refined petroleum products, generation of electricity and basic iron and steel.
The main contribution to the increase on the import market came from higher prices on motor vehicles, trailers and semi-trailers. Prices also rose in food products, electrical equipment, computer, electronic and optical products, chemicals and chemical products, other machinery and equipment, as well as several other product groups. This upturn was offset by price decreases on crude oil and generation of electricity.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, July 2024– August 2024 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | ‑0.2 | |||
| 10 | Food products | 0.1 | 0.2 | ||
| 17.12 | Paper and paperboard | 0.2 | |||
| 19.2 | Refined petroleum products | ‑0.1 | ‑0.3 | ||
| 20 | Chemicals and chemical products | 0.2 | 0.2 | ||
| 21 | Basic pharmaceutical products and pharmaceutical preparations | 0.1 | |||
| 22 | Rubber and plastic products | 0.1 | 0.1 | ||
| 23 | Other non-metallic mineral products | 0.1 | |||
| 24.1 | Basic iron and steel | ‑0.1 | 0.1 | ||
| 24.4 | Basic precious and other non-ferrous metals | 0.1 | 0.1 | ||
| 25 | Fabricated metal products | ‑0.1 | 0.1 | ||
| 26 | Computer, electronic and optical products | 0.1 | 0.2 | ||
| 27 | Electrical equipment | 0.1 | 0.1 | 0.2 | |
| 28 | Other machinery and equipment | 0.6 | 0.2 | ||
| 29.1 | Motor vehicles | 0.4 | 0.1 | ||
| 29.3 | Parts and accessories for motor vehicles | 0.1 | 0.2 | ||
| 32 | Other manufactured goods | 0.1 | |||
| 35.11A | Generation of electricity | ‑0.1 | ‑0.1 | ||
| 35.14 | Trade services of electricity | ‑0.7 | |||
Changes in the last year
The annual rate for the domestic market was 0.7 percent in August (1.4 percent in July). The annual rate for the export market was 1.6 percent during the same period (-1.7 percent in July). On the import market, the annual rate in August was 1.6 percent (-2.2 percent in July).
The annual rate of the Producer Price Index was 1.2 percent in August. Compared with August 2023, prices fell by 15.1 percent on energy-related products. Prices increased by 3.9 percent on consumer goods and increased by 4.3 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 3.7 percent.
The annual rate of the Price Index for Domestic Supply was 1.3 percent in August. Compared with August 2023, prices fell by 9.4 percent on energy-related products. Prices increased by 2.8 percent on consumer goods and increased by 3.7 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 3.5 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) |
|---|---|---|
| July 2024– August 2024 |
August 2023– August 2024 |
|
| DKK | ‑4.4 | ‑1.6 |
| EUR | ‑4.5 | ‑1.7 |
| GBP | ‑4.9 | ‑4.9 |
| NOK | 0.7 | 4.0 |
| USD | ‑3.6 | ‑5.1 |
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 September will be published on 2024-10-25 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.