Industrial producer price index rises by nearly a third year on year

A meat factory in Estonia.
A meat factory in Estonia. Source: Riigikantselei

Last month the producer price index rose by 33.3 percent compared to June 2021, data from Statistics Estonia show. The increase was driven by energy, manufacturing and food prices.

While the index, which expresses changes in the producer prices of industrial goods manufactured in Estonia for the domestic market and for export, rose by 33.3 percent on year, it increased by 2.3 percent compared with May 2022.

Eveli Šokman, leading analyst at Statistics Estonia, said that compared with June last year, the index was primarily affected by price increases in electricity and heat energy production; the manufacture of wood and wood products; food products and fabricated metal products. 

"Prices rose by 24.9 percent in manufacturing as a whole, and the price increase in the manufacture of food products was 23.8 percent", added Šokman.

Producer price index of industrial output, export price index and import price index (2010=100). Source: Statistics Estonia

Compared with May, the producer price index was most affected by price increases in the manufacture of electronic products, food products, fabricated metal products, and chemicals and chemical products. The index was also influenced by a fall in the price of fuel oil production.

The export price index rose by 3.5 percent in June compared with May. The biggest increases occurred in the prices of electricity, chemicals and chemical products, and pharmaceutical products and preparations. Compared with June 2021, the export price index increased by 29.2 percent.

The import price index rose by 2.4 percent in June compared with the previous month. The biggest increases were recorded in electricity production and in the manufacture of chemicals and chemical products and petroleum products. Compared with June 2021, the import price index increased by 29.7 percent.


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Editor: Helen Wright

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