Producer Price Index down 1.3% in September – fall in electricity prices bringing down costs

Text Mark Taylor

The Producer Price Index, which expresses changes in the prices of industrial goods manufactured in Estonia for the domestic market and for export, fell by 1.3 per cent in September compared with August. However, it rose by 23.2 per cent compared with September 2021.

Eveli Šokman, a leading analyst at Statistics Estonia, said that, compared with September 2021, the index was primarily influenced by rising prices in electricity and heat energy production, and in the manufacture of food products, fabricated metal products, and chemicals and chemical products. “The overall price increase in manufacturing was 17.4%. In the manufacture of food products, prices rose by 25.8%,” added Šokman.

Compared with August, the Producer Price Index was most affected by price decreases in electricity production and in the manufacture of wood and wood products. The index was also impacted by price increases in the manufacture of paper and paper products, building materials, and chemical products.

The Export Price Index fell in September, down by 0.6 per cent compared to August. The biggest price decreases occurred in electricity production, the manufacture of petroleum products, and mining and quarrying. The biggest rise was recorded in the export prices of paper products, agricultural products, and clothing. Compared with September 2021, the Export Price Index increased by 23.1%.

The Import Price Index also fell in September, down 1 per cent compared with August. The biggest price decreases were recorded in electricity production and the manufacture of petroleum products and wood products. Prices increased the most for agricultural products, leather products, and food products. Compared with September 2021, the Import Price Index increased by 24.8%.

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Electricity Prices Energy Export Price Index Import Price Index Manufacture Producer Price Index Products Statistics Estonia