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Statistics: Producer price index of industrial output down over 4 percent in December

VKG plant.
VKG plant. Source: Rene Kundla/ERR

The producer price index of industrial output in Estonia fell by 4.4 percent on year to December 2023, state agency Statistics Estonia reports.

The month-on-month figure for December 2023 meanwhile was a 0.8 percent fall, the agency says.

The producer price index expresses changes in the producer prices of industrial goods manufactured in Estonia for the domestic market and for export.

Eveli Šokman, leading analyst at Statistics Estonia, said that: "Rising prices in the manufacture of electronic products and electrical equipment exerted the opposite effect on the index," from falls in price for energy, namely electricity and district heating, and also timber, wooden items, paper products and food products.

Between November and December last year, the index was primarily affected again by falls in the price electricity production and in the manufacture of wooden items, and also of fuel oils.

The index was also significantly influenced by price rises in the manufacture of electronic products, between November and December.

Export price index

On year to December 2023, the export price index fell by 3.7 percent.

The export price index fell by 0.4 percent compared with the preceding month. The largest price falls were recorded in electricity, petroleum products, and motor vehicles and trailers.

Prices rose the most in mining and quarrying and for electronic products and with rubber and plastic products.

Import price index

Compared with December 2022, the import price index fell by 3.3 percent in December 2023.

Between November and December last year, the import price index declined by 1.0 percent.

Again, prices fell the most in electricity production, in mining and quarrying, and for petroleum-derived products.

The largest increase was posted in the prices of footwear and leather products, paper and paper products, and textiles.

Producer price, import price and export price indices. Source: Statistics Estonia

Statistics Estonia compiled the above data on behalf of the Ministry of Economic Affairs and Communication.

More detailed information is here and here.

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Editor: Andrew Whyte

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