Cost of food production continued to rise in October
Text Mark Taylor Photo Andrei Chertkov
The Producer Price Index of industrial output, which expresses changes in the producer prices of industrial goods manufactured in Estonia for the domestic market and for export, rose by 0.1 per cent in October compared with September 2022 and by 23.5 per cent compared with October 2021. The cost of food production rose by more than the average, up by 26 per cent compared to one year ago and by 2.4 per cent compared to September 2022.
“Compared with October 2021, the index was primarily influenced by rising prices in electricity and heat energy production and in the manufacture of food products and electronic products. The overall price increase in manufacturing was 17.1 per cent. In the manufacture of food products, prices rose by 26.4 per cent (by 25.8 per cent in September),” said Eveli Šokman, a leading analyst at Statistics Estonia.
Compared with September, the Producer Price Index was most affected by price increases in the manufacture of food products (up 2.4 per cent), electronic products, and building materials. The index was also impacted by price decreases in electricity production and in the manufacture of wood and wood products.
The import price index rose by 0.1 per cent in October compared with September. The biggest price increases occurred in the manufacture of paper products, food products, and building materials. Prices fell most in mining and quarrying, electricity production, and in the manufacture of wood products. Compared with October 2021, the Import Price Index increased by 21.0 per cent.
The Export Price Index rose by 0.9 per cent in October compared with September. The biggest price increases occurred in the manufacture of petroleum products, clothing, and electronic products. The biggest price decreases were recorded in electricity production, mining and quarrying, and the manufacture of wood products. Compared with October 2021, the Export Price Index increased by 21.3 per cent.
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