Producer and Import Price Index, May 2024
Lower prices on the domestic market in May 2024
Statistical news from Statistics Sweden 2024-06-26 8.00
The Producer Price Index was unchanged in May compared to April 2024. Prices increased by 1.7 percent on the export market and decreased by 1.7 percent on the domestic market. On the import market, prices rose by 1.5 percent. The annual rate according to the Producer Price Index was 2.6 percent in May (0.9 percent in April).
In brief
- The annual rate of the Producer Price Index excluding energy-related products increased from 1.8 percent in April to 3.8 percent in May.
- Prices for refined petroleum products decreased in all markets in May compared to April.
- Basic metal prices continue to rise in all markets.
- The annual rate for consumer goods in Price Index for Domestic Supply increased from 1.6 percent in April to 2.8 percent in May.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| April 2024– May 2024 |
May 2023– May 2024 |
|
| Producer Price Index, home sales | ‑1.7 | 1.7 |
| Export Price Index | 1.7 | 3.3 |
| Import Price Index | 1.5 | 3.2 |
| Producer Price Index | 0.0 | 2.6 |
| Price Index for domestic supply | 0.1 | 2.6 |
*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 May. This resulted in an unchanged monthly rate of change for Producer Price Index but a positive monthly rate of change for 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 district heating. This downturn was offset by higher prices on basic metals, paper and paper products, waste collection, treatment and disposal- and materials recovery services, motor vehicles, trailers and semi-trailers and food products.
On the export market the main upward contribution came from higher prices on paper and paper products. Prices also rose in basic metals, motor vehicles, trailers and semi-trailers, other machinery and equipment, computer, electronic and optical products, chemicals and chemical products, electrical equipment, waste collection, treatment and disposal- and materials recovery services and fabricated metal products. This upturn was offset by price decreases on generation of electricity and refined petroleum products.
The main contribution to the increase on the import market came from higher prices on chemicals and chemical products. Prices also rose in basic metals, other machinery and equipment, electrical equipment, food products, computer, electronic and optical products, motor vehicles, trailers and semi-trailers, fabricated metal products, rubber and plastic products, waste collection, treatment and disposal- and materials recovery services and other outerwear. This upturn was offset by price decreases on crude oil, generation of electricity and refined petroleum products.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, April 2024– May 2024 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | ‑0.4 | |||
| 10 | Food products | 0.1 | 0.2 | ||
| 14.13 | Other outerwear | 0.1 | |||
| 17 | Paper and paper products | 0.1 | 0.4 | ||
| 19.2 | Refined petroleum products | ‑0.3 | ‑0.3 | ‑0.1 | |
| 20 | Chemicals and chemical products | 0.2 | 0.2 | ||
| 22 | Rubber and plastic products | 0.1 | |||
| 24 | Basic metals | 0.1 | 0.4 | 0.2 | |
| 25 | Fabricated metal products | 0.1 | 0.1 | ||
| 26 | Computer, electronic and optical products | 0.2 | 0.2 | ||
| 27 | Electrical equipment | 0.1 | 0.2 | ||
| 28 | Other machinery and equipment | 0.3 | 0.2 | ||
| 29 | Motor vehicles, trailers and semi-trailers | 0.1 | 0.3 | 0.1 | |
| 35.11A | Generation of electricity | ‑0.6 | ‑0.1 | ||
| 35.14 | Trade services of electricity | ‑1.9 | |||
| 35.3 | District heating | ‑0.3 | |||
| 38 | Waste collection, treatment and disposal- and materials recovery services | 0.1 | 0.1 | 0.1 | |
Changes in the last year
The annual rate for the domestic market was 1.7 percent in May (0.9 percent in April). The annual rate for the export market was 3.3 percent during the same period (0.8 percent in April). On the import market, the annual rate in May was 3.2 percent (0.4 percent in April).
The annual rate of the Producer Price Index was 2.6 percent in May. Compared with May 2023, prices fell by 5.8 percent on energy-related products. Prices increased by 4.5 percent on consumer goods and increased by 5.2 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 3.8 percent.
The annual rate of the Price Index for Domestic Supply was 2.6 percent in May. Compared with May 2023, prices fell by 2.4 percent on energy-related products. Prices increased by 2.8 percent on consumer goods and increased by 4.5 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 3.6 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) |
|---|---|---|
| April 2024– May 2024 |
May 2023– May 2024 |
|
| DKK | ‑2.2 | ‑2.5 |
| EUR | ‑2.2 | ‑2.7 |
| GBP | ‑2.3 | ‑5.6 |
| NOK | ‑1.5 | ‑1.2 |
| USD | ‑4.1 | ‑5.7 |
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 June will be published on 2024-07-25 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.