Industrial Producer Price Index up 28.3% in August
Text Mark Taylor Photo Andrei Chertkov
The Industrial Producer Price Index, which expresses changes in the producer prices of industrial goods manufactured in Estonia rose by 1.3 per cent in August compared with July 2022 and by 28.3 per cent compared to August 2021.
“Compared with August last year, the index was primarily affected by price increases in electricity and heat energy production and in the manufacture of food products, wood products, and fabricated metal products. Prices rose by 18.6 per cent in manufacturing as a whole, and the price increase in the manufacture of food products was 24.8 per cent ” explained Eveli Šokman, a leading analyst at Statistics Estonia.
Compared with July, the producer price index was most affected by price increases in electricity production and the manufacture of dairy products. To a lesser extent, the index was also impacted by price increases in the manufacture of building materials and other equipment, as well as by falling prices in the manufacture of fuel oil, chemical products, and fabricated metal products.
The export price index rose by 0.5% in August compared with July. The biggest price increases occurred in electricity production, mining and quarrying, along with the manufacture of pharmaceutical products. Prices of petroleum products, chemicals and chemical products, and clothing fell the most. Compared with August 2021, the export price index increased by 26.1%.
The import price index rose by 1.5% in August compared with the previous month. The biggest price increases were recorded in electricity production, mining and quarrying, and the manufacture of industrial machinery and equipment. Compared with August 2021, the import price index increased by 29.4%.
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