Statistics: Producer price index up 0.8 percent on year to May 2023

Worker in the wood industry.
Worker in the wood industry. Source: Raul Mee/ Estonian Forest and Wood Industries Association

According to data provided by Statistics Estonia, the producer price index (PPI) of industrial output rose by 0.8 percent on year to May 2023.

Despite the increase on year, the PPI, which expresses changes in the producer prices of industrial goods manufactured in Estonia for the domestic market and for export, decreased by 0.3 percent between April and May 2023.

Eveli Šokman, leading analyst at Statistics Estonia, said that compared with April, the producer price index was primarily affected by falling prices in electricity and heat energy production as well as in the manufacturing of fuel oils and paper. "The index was also influenced by price increases in the manufacturing of wood and wood products along with electronic products," said Šokman.

Compared with May 2022, the PPI was most affected by rising prices in the manufacturing of food products, electrical equipment, and industrial machinery and equipment. Falling prices in the production of electricity and heat energy as well as in fuel oils and wood manufacturing had the opposite effect on the index. The increase in producer prices was 2.6 percent for manufacturing as a whole and 9.6 percent in the manufacturing of food products.

Producer Price Index of industrial output. Source: Statistics Estonia

The export price index fell by 0.5 percent between April and May. Prices decreased most in mining and quarrying, as well as for petroleum products, chemicals, and paper products. The largest increases were in the prices of wood products, leather products and footwear, and electronic products. When compared with the figures from May 2022, the export price index was up 1.6 percent.

May's import price index was down 0.3 percent from April. Prices fell most in mining and quarrying, as well as for petroleum products, and agricultural products. The biggest increase was registered in the prices of industrial machinery and equipment along with motor vehicles. The import price index was down 0.4 percent on year from May 2022.


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Editor: Michael Cole

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