Industrial prices up as manufacturing costs rise several months in a row
Industrial prices in Estonia saw mixed movements in November, with manufacturing costs rising steadily, offset by declines in energy and material prices, shaping the country's economic trajectory, state agency Statistics Estonia reported.
Eveli Šokman, team lead of producer price statistics at Statistics Estonia, said that, compared with November 2023, the producer price index was most affected by price decreases in electricity and heat energy production and in the manufacture of fuel oils and fabricated metal products.
She said: "Increased prices in the manufacture of wood and wood products, in the repair of machinery and equipment, and in the manufacture of food products had the opposite effect on the index, so that prices in manufacturing as a whole rose by 1.1 percent in November."
"In manufacturing, prices have increased for several months now – by 1.1 percent in November, by 0.7 percent in October, and by 0.8 percent in September," Šokman went on.
According to Statistics Estonia, the producer price index of industrial output, which tracks changes in the producer prices of industrial goods manufactured in Estonia for both the domestic market and export, fell by 0.4 percent in November 2024 compared with October, and by 0.1 percent compared with November last year.
On a month-over-month basis, the producer price index was primarily impacted by price falls in electricity generation, the manufacture of wood and wooden products, and the manufacture of plastic products.
Offsetting this somewhat were price increases in the repair of machinery and equipment, the manufacture of food products, and the manufacture of basic metals.
Year-on-year, the export price index rose by 0.8 percent, reflecting overall growth despite the recent monthly decline.
The export price index fell by 0.9 percent in November compared with October, with the largest decreases seen in the prices of electricity, agricultural products, and paper and paper products.
In contrast, mining, food products, and electronic products recorded the most significant price increases, while the import price index rose by 0.2 percent in November compared with October, driven by higher prices for agricultural products, leather products, and chemicals.
Electricity, building materials, and rubber and plastic products saw the steepest declines in import prices during the same period.
Despite mixed trends across sectors, manufacturing prices continue to rise steadily, with broader implications for Estonia's trade patterns and industrial output.
More detailed information is available from Statistics Estonia's website here and here.
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Editor: Andrew Whyte
