Estonian companies seeing a slow increase in the price of their products

Text Ingel Kink
Photo Andrei Chertkov

According to data released by Statistics Estonia, the Producer Price Index (PPI), which tracks the prices companies receive for their products, increased by 0.2 per cent in October 2024 compared to the same month in 2023. Month-on-month, the index saw a rise of 0.3 per cent.

Eveli Šokman, team lead of producer price statistics at Statistics Estonia, explained that producer prices in manufacturing as a whole increased for the second month in a row – by 0.7 per cent in October and by 0.8 per cent in September. “Compared with October 2023, the Producer Price Index was most affected by higher prices in the manufacture of wood and wood products, in the repair of machinery and equipment, and in the manufacture of electronic equipment. Falling prices in the manufacture of fuel oils and in electricity and heat energy production had the opposite effect on the index. Producer prices in the manufacture of food products decreased by 0.5 per cent,” explained Šokman.

Compared to September 2024, the PPI was driven by rising prices in electricity production, wood manufacturing, and fuel oils. However, price decreases in metal products, industrial machinery, and chemicals kept the increase modest.

At the same time, the Export Price Index rose by 1.1 per cent compared to September and by 1.2 per cent year-on-year. The largest increases came from electricity, mining, quarrying, and agricultural products, while chemicals, paper products, and metal products experienced notable declines.

The Import Price Index saw a 0.4 per cent rise from September but fell by 1.1 per cent compared to October 2023. Monthly increases were most pronounced for electricity, agricultural products, and metals, while declines were observed in metal products, leather goods, and plastics.

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Electricity Production Prices Estonia Estonia Producer Price Index 2024 Export Price Index Estonia Import Price Index Estonia Industrial Output Prices Estonia Manufacturing Price Trends Estonia Wood Product manufacturing Estonia