Producer and Import Price Index, October 2024
Price increases in all markets in October 2024
Statistical news from Statistics Sweden 2024-11-26 8.00
The Producer Price Index rose by 0.5 percent in October compared to September 2024. Prices increased by 0.1 percent on the export market and increased by 0.8 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 -1.3 percent in October (-2.3 percent in September).
In brief
- Energy related products in the Producer Price Index rose by 4.5 percent in October compared to September 2024, but was 12.9 percent lower than in October 2023.
- The annual rate of the Producer Price Index excluding energy-related products increased from 0.2 percent in September to 0.5 percent in October.
- The annual rate for consumer goods in Price Index for Domestic Supply was 0.4 percent in October (0.4 percent in September).
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| September 2024– October 2024 |
October 2023– October 2024 |
|
| Producer Price Index, home sales | 0.8 | 0.9 |
| Export Price Index | 0.1 | ‑3.4 |
| Import Price Index | 0.6 | ‑5.0 |
| Producer Price Index | 0.5 | ‑1.3 |
| Price Index for domestic supply | 0.7 | ‑2.4 |
*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 October. 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 positive contribution on the domestic market came from higher prices on trade services of electricity and district heating (apartment buildings). Higher prices within refined petroleum products and food products also contributed upwards.
On the export market, a number of product groups contributed upwards by 0.1 percentage points each; paper and paper products, refined petroleum products, basic precious and other non-ferrous metals as well as other machinery and equipment. This upturn was offset by price decreases on basic iron and steel.
The main contribution to the increase on the import market came from higher prices on parts and accessories for motor vehicles. Prices also increased within food products, generation of electricity as well as other machinery and equipment. This upturn was offset by price decreases on computer, electronic and optical products.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, September 2024– October 2024 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 10 | Food products | 0.1 | 0.1 | ||
| 17 | Paper and paper products | 0.1 | |||
| 19.2 | Refined petroleum products | 0.2 | 0.1 | ||
| 24.1 | Basic iron and steel | ‑0.2 | |||
| 24.4 | Basic precious and other non-ferrous metals | 0.1 | |||
| 26 | Computer, electronic and optical products | ‑0.1 | |||
| 28 | Other machinery and equipment | 0.1 | 0.1 | ||
| 29.3 | Parts and accessories for motor vehicles | 0.2 | |||
| 35.11A | Generation of electricity | 0.1 | |||
| 35.14 | Trade services of electricity | 0.3 | |||
| 35.3FB | District heating, apartment buildings | 0.3 | |||
Changes in the last year
The annual rate for the domestic market was 0.9 percent in October (0.2 percent in September). The annual rate for the export market was -3.4 percent during the same period (-4.8 percent in September). On the import market, the annual rate in October was -5.0 percent (-5.6 percent in September).
The annual rate of the Producer Price Index was -1.3 percent in October. Compared with October 2023, prices fell by 12.9 percent on energy-related products. Prices increased by 1.8 percent on consumer goods and decreased by 0.1 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 -2.4 percent in October. Compared with October 2023, prices fell by 15.4 percent on energy-related products. Prices increased by 0.4 percent on consumer goods and increased by 0.6 percent on capital goods. The annual rate of the Price Index for Domestic Supply excluding energy-related products was 0.3 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) |
|---|---|---|
| September 2024– October 2024 |
October 2023– October 2024 |
|
| DKK | ‑0.1 | 4.7 |
| EUR | 0.0 | 4.6 |
| GBP | ‑1.4 | 1.9 |
| NOK | 0.7 | 7.1 |
| USD | 0.1 | 8.8 |
A positive number means that the Swedish krona was strengthened against that currency.
Upcoming change
As from January 2025 PPI will use the Riksbank’s exchange rate, instead of Swedish Customs’ exchange rates, when converting prices in foreign currencies to Swedish kronor.
More information will be given in connection to the publishing of January index, 2025-02-26.
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 November will be published on 2024-12-20 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.