November's producer price index (PPI) for industrial output, which shows changes in the prices of industrial goods manufactured in Estonia both for the domestic market and for export, increased by 0.2 percent from October. The figures for November 2022 represent a 22.4 percent increase when compared with the same month last year.
Eveli Šokman, leading analyst at Statistics Estonia, said that, when comparing this November's PPI with the data from November 2021, the main differences were rising prices in electricity and heat energy production, as well as in the manufacture of food and fabricated metal products. "The overall price increase in manufacturing was 16.4 percent. For the manufacturing of food products, prices rose by 26.8 percent," added Šokman.
Compared to October, the PPI was most affected by price increases in electricity and heat energy production, as well as those related the manufacturing of food products and building materials. The index was also impacted by price decreases in the manufacturing of electronic products and fuel oil.
November's export price index remained unchanged from October. The biggest price increases affected electricity production and the manufacturing of furniture, machinery and other equipment. Prices fell the most in November when it came to the manufacturing of petroleum, paper, and pharmaceutical products.
The export price index increased by 20.2 percent on year from November 2021, while Estonia's import price index fell by 0.5 percent in the same period.
The biggest price increases affected electricity production and the manufacture of building materials and tobacco products. Prices fell most in November in the mining and quarrying sector, as well as in the manufacturing of wood and agricultural products.
More information about developments in the Estonian economy can be found here.
Editor: Michael Cole