According to data provided by Statistics Estonia, the producer price index (PPI) of industrial output for January 2023 decreased by 1.0 percent from December 2022 and increased by 12.7 percent when compared with January 2022. The PPI expresses changes in the producer prices of industrial goods manufactured in Estonia for both the domestic market and for export.
Eveli Šokman, leading analyst at Statistics Estonia, said that, compared with January 2022, the PPI was primarily influenced by rising prices in the manufacturing of food products, wood products, and building materials. Price decreases in electricity production and in the manufacture of fuel oils had the opposite effect on the index. "The overall price increase in manufacturing was 13.5 percent. In the manufacture of food products, prices rose by 22.2 percent," added Šokman.
Compared with December 2022, the PPI was most affected by a decrease in the cost of electricity production, as well as by price increases in the manufacture of electrical equipment and food products.
The export price index in January fell by 1.1 percent from December. The biggest price decreases occurred in electricity production, mining and quarrying, as well as the manufacturing of paper products. The largest price increases were recorded in the manufacture of textiles, wearing apparel, and leather products and footwear. The export price index rose for January 2023 was 14.9 percent higher than in January 2022.
The import price index fell by 1.9 percent from December to January. The biggest price decreases were registered in electricity production, mining and quarrying, as well as the manufacture of wood products. Prices rose most for agricultural products, beverages, and tobacco products. The import price index was up by 11.2 percent on year from January 2022.
Editor: Michael Cole