Industrial producer price index in decline for eight months
According to Statistics Estonia, in March, the producer price index of industrial output fell by 0.9% compared to February 2020 and by 3.5% compared to March 2019.
In March, compared to February, the producer price index was affected more than average by price decrease in the production of fuel oils, electricity and heat energy supply and in the production of chemicals. Price increase in mining and quarrying and in the manufacture of food products also had an impact on the index.
Compared to March 2019, the index was affected more than average by price decrease in electricity and heat energy supply, in the manufacture of fuel oils, electronic equipment, and wood and wood products, but also by price increase in the manufacture of metal products and in mining and quarrying.
| Economic activity according to EMTAK 2008 | February 2020 – March 2020, % | March 2019 – March 2020, % |
|---|---|---|
| TOTAL | -0.9 | -3.5 |
| Manufacturing | -0.6 | -2.1 |
| Mining and quarrying | 3.2 | 4.9 |
| Electricity, gas, steam and air conditioning supply | -7.6 | -24.7 |
| Water supply; sewerage, waste management and remediation activities | 0.0 | -9.0 |
The export price index changed by -4.6% compared to February 2020. The prices of oil and chemical products and electricity decreased the most, while the prices of peat products and furniture increased. Compared to March 2019, the export price index decreased by 5.9%.
The import price index changed by -3.7% compared to February 2020. The prices of oil products, electricity and chemical products decreased more than average, while the prices of rubber and plastic products, leather products and footwear, and pharmaceutical products increased. The import price index decreased by 3.6% compared to March 2019.
The producer price index of industrial output as well as the export and import price indices were mainly affected by the price decrease of oil products on the global market.
The statistics are based on the questionnaires “Producer price”, ”Export price” and “Import price”, the deadline of which was 6 April 2020. Statistics Estonia published the monthly summary of producer price indices in nine working days. Statistics Estonia performs the statistical activities “Producer price index of industrial output”, “Export price index” and “Import price index” for the Ministry of Economic Affairs and Communications.