Statistics: Rapid growth in industrial producer price index slowed in July
The producer price index of industrial output rose 28.8 percent on year to July 2022, state agency Statistics Estonia reports. However, it slowed down between June and July this year.
This was particularly driven by manufacturing and the food industry.
Germo Valgenberg said: "Prices rose by 20.3 percent in manufacturing as a whole, while the price increase in the manufacture of food products was 25.1 percent," added.
More specifically, the index was affected the most by price increases in electricity and heat energy production and in the production of wood and wooden products, food products, and fabricated metal products, Valgenberg added.
On month, the index rose by 0.4 percent to July 2022, principally influenced by price increases in electricity production and in the manufacture of food products.
Falling prices in the manufacture of wood, electronic products, and fuel oil also had an impact on the index, Statistics Estonia reports.
Export price index up nearly 27 percent on year to July 2022
Compared with July 2021, the export price index increased by 26.8 percent.
On month, the index rose by 0.4 percent, with the biggest price increases being experienced in electricity production, mining and quarrying, and manufacture of wood products. The price of petroleum products, fabricated metal products, and agricultural products fell the most, Statistics Estonia says.
Import price index rises nearly 30 percent on year to July 2022
The import price index increased by 28.7 percent on year to July 2022, the agency says.
On month, the import price index rose by 1.5 percent in July, with rises in electricity production and in the manufacture of chemicals and chemical products and furniture exerting most influence.
Prices fell most for petroleum products, wood products, and agricultural products.
The producer price index expresses changes in the producer prices of industrial goods manufactured in Estonia for the domestic market and for export,
Statistics Estonia collects and analyses data for the producer price index of industrial output, export price index and import price index on behalf of the Ministry of Economic Affairs and Communications.
More detailed information is here and here.
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Editor: Andrew Whyte
Source: Statistics Estonia