Producer and Import Price Index, September 2024
Lower prices on the export and import market in September 2024
Statistical news from Statistics Sweden 2024-10-25 8.00
The Producer Price Index decreased by 1.8 percent in September compared to August 2024. Prices decreased by 3.2 percent on the export market as well as on the import market. On the domestic market, prices decreased by 0.5 percent. The annual rate according to the Producer Price Index was -2.3 percent in September (1.2 percent in August).
In brief
- The import prices for crude oil decreased by 11.9 percent in September compared to August 2024.
- The annual rate of the Producer Price Index excluding energy-related products decreased from 3.7 percent in August to 0.2 percent in September.
- The annual rate for consumer goods in Price Index for Domestic Supply decreased from 2.8 percent in August to 0.4 percent in September.
| Total: SPIN B–E* | Change, percent (monthly) |
Change, percent (yearly) |
|---|---|---|
| August 2024– September 2024 |
September 2023– September 2024 |
|
| Producer Price Index, home sales | ‑0.5 | 0.2 |
| Export Price Index | ‑3.2 | ‑4.8 |
| Import Price Index | ‑3.2 | ‑5.6 |
| Producer Price Index | ‑1.8 | ‑2.3 |
| Price Index for domestic supply | ‑2.1 | ‑3.0 |
*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 all markets in September. This resulted in a negative 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 refined petroleum products. Prices also fell within sorted materials recovery services. This downturn was offset by higher prices on trade services of electricity, district heating and other machinery and equipment.
On the export market the main negative contribution came from lower prices on motor vehicles, trailers and semi-trailers. Prices also fell within refined petroleum products, other machinery and equipment, pulp, paper and paperboard, chemicals and chemical products, generation of electricity, electrical equipment as well as on several other product groups.
The main contribution to the decrease on the import market came from lower prices on crude oil. Prices also fell within refined petroleum products, computer, electronic and optical products, chemicals and chemical products, electrical equipment, other machinery and equipment as well as on several other product groups.
| Product group according to SPIN 2015 | Largest contributions, in percentage points, to total percentage change, August 2024– September 2024 |
||||
|---|---|---|---|---|---|
| Producer Price Index, home sales |
Export Price Index |
Import Price Index |
|||
| 06.1 | Crude oil | ‑0.9 | |||
| 10 | Food products | ‑0.1 | |||
| 14.13 | Other outerwear | ‑0.1 | |||
| 17.1 | Pulp, paper and paperboard | ‑0.2 | |||
| 19.2 | Refined petroleum products | ‑0.6 | ‑0.4 | ‑0.4 | |
| 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 | Basic metals | ‑0.1 | ‑0.1 | ||
| 25 | Fabricated metal products | ‑0.1 | |||
| 26 | Computer, electronic and optical products | ‑0.1 | ‑0.3 | ||
| 27 | Electrical equipment | ‑0.2 | ‑0.2 | ||
| 28 | Other machinery and equipment | 0.1 | ‑0.4 | ‑0.2 | |
| 29 | Motor vehicles, trailers and semi-trailers | ‑0.6 | ‑0.1 | ||
| 32 | Other manufactured goods | ‑0.1 | |||
| 35.11A | Generation of electricity | ‑0.2 | |||
| 35.14 | Trade services of electricity | 0.2 | |||
| 35.3FB | District heating | 0.1 | |||
| 38.32 | Sorted materials recovery services | ‑0.1 | |||
Changes in the last year
The annual rate for the domestic market was 0.2 percent in September (0.7 percent in August). The annual rate for the export market was -4.8 percent during the same period (1.6 percent in August). On the import market, the annual rate in September was -5.6 percent (1.6 percent in August).
The annual rate of the Producer Price Index was -2.3 percent in September. Compared with September 2023, prices fell by 18.7 percent on energy-related products. Prices increased by 1.4 percent on consumer goods and increased by 0.3 percent on capital goods. The annual rate of the Producer Price Index excluding energy-related products was 0.2 percent.
The annual rate of the Price Index for Domestic Supply was -3.0 percent in September. Compared with September 2023, prices fell by 18.5 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 0.2 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) |
|---|---|---|
| August 2024– September 2024 |
September 2023– September 2024 |
|
| DKK | 3.1 | 4.5 |
| EUR | 3.1 | 4.4 |
| GBP | 4.8 | 4.8 |
| NOK | 0.7 | 6.0 |
| USD | 5.7 | 7.2 |
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 October will be published on 2024-11-26 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.