7.8.2023 | Estonia

Producer Price Index fell by 1.9% year on year

Text Mark Taylor

The Producer Price Index of industrial output, which expresses changes in the prices of industrial goods manufactured in Estonia for the domestic and export markets, fell by 0.4 per cent in June 2023 compared with May, and by 1.9 per cent compared with June last year.

“Compared with May, the Producer Price Index was primarily affected by falling prices in the manufacture of wood and wood products, fabricated metal products, and chemicals and chemical products. The index was also influenced by price increases in electricity production and in the manufacture of electronic products,” said Eveli Šokman, a leading analyst at Statistics Estonia.

Compared with June 2022, the index was most affected by price decreases in electricity production and in the manufacture of wood and fuel oils. Rising prices in the manufacture of food products, electrical equipment, and building materials had the opposite effect on the index.

In June, the Export Price Index fell by 0.5 per cent compared with May. The biggest price decreases were recorded for paper, wood, and fabricated metal products. Prices increased the most in electricity production, in mining and quarrying, and for petroleum products. Compared with June 2022, the Export Price Index fell by 2.3 per cent.

The Import Price Index grew by 0.1 per cent in June compared with May. The biggest increase was registered in the prices of electricity, petroleum products, and paper products. Prices fell the most for agricultural products, in mining and quarrying, and for chemicals and chemical products. Compared with June 2022, the Import Price Index fell by 2.6 per cent.