In August, the industrial producer price index was affected the most by the rising price of electricity
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, rose by 1.3% in August compared with July 2022 and by 28.3% compared with August 2021.
Eveli Šokman, leading analyst at Statistics Estonia, said that, compared with August last year, the index was primarily affected by price increases in electricity and heat energy production and in the manufacture of food products, wood products, and fabricated metal products. “Prices rose by 18.6% in manufacturing as a whole, and the price increase in the manufacture of food products was 24.8%”, added Šokman.
Compared with July, the producer price index was most affected by price increases in electricity production and in the manufacture of dairy products. To a lesser extent, the index was also impacted by price increases in the manufacture of building materials and other equipment, and by the falling prices in the manufacture of fuel oil, chemical products, and fabricated metal products.
The export price index rose by 0.5% in August compared with July. The biggest price increases occurred in electricity production, mining and quarrying, and manufacture of pharmaceutical products and preparations. Prices of petroleum products, chemicals and chemical products, and clothing fell the most. Compared with August 2021, the export price index increased by 26.1%.
The import price index rose by 1.5% in August compared with the previous month. The biggest price increases were recorded in electricity production, mining and quarrying, and the manufacture of industrial machinery and equipment. Prices decreased the most for petroleum products, chemicals and chemical products, and wood products. Compared with August 2021, the import price index increased by 29.4%.
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.
For further information:
Helen Maria Raadik
Media Relations Manager
Marketing and Dissemination Department
Tel +372 625 9191