Producer price index down for the third month in a row
The producer price index of industrial output, which expresses changes in the producer prices of industrial goods manufactured in Estonia for the domestic market and for export, decreased by 0.4% in March 2023 compared with February 2023 and increased by 7.9% compared with March 2022.
Eveli Šokman, leading analyst at Statistics Estonia, said that, compared with February, the producer price index was most affected by falling prices in electricity production and in the manufacture of fuel oils, food products, and fabricated metal products. “The index was also influenced by price increases in the manufacture of wood and wood products and in the manufacture of electronic products,” added Šokman.
Compared with March 2022, the index was primarily influenced by rising prices in the manufacture of food products, wood products, and building materials. Lower prices in the manufacture of fuel oils and in electricity production had the opposite effect on the index. The increase in producer prices was 9.3% in manufacturing as a whole and 17.8% in the manufacture of food products.
In March, the export price index fell by 0.8% compared with February. The biggest fall in prices was recorded for electricity, in mining and quarrying and for agricultural products. The biggest increase occurred in the prices of leather products and footwear, and beverages. Compared with March 2022, the export price index rose by 9.1%.
The import price index fell by 0.8% in March compared with February. Prices fell the most for electricity, in mining and quarrying, for petroleum products and for chemicals and chemical products. The biggest increase was registered in the prices of wearing apparel and agricultural products. Compared with March 2022, the import price index rose by 5.4%.
Statistics Estonia collects and analyses data for the producer price index of industrial output, export price index and import price index for the Ministry of Economic Affairs and Communications, to understand how the Estonian economy is doing.
See also the prices section on our website.
More detailed data have been published in the statistical database.
For further information:
Helen Maria Raadik
Media Relations Manager
Marketing and Dissemination Department
Tel +372 625 9181
press [at] stat.ee