Nine-month fall in producer price index stopped
According to Statistics Estonia, in May, the producer price index of industrial output increased by 0.1% compared to April 2020 and decreased by 3.9% compared to May 2019.
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According to Eveli Šokman, leading analyst at Statistics Estonia, in May compared to April 2020, the producer price index was affected more than average by price increase in the production of fuel oils and electricity supply, which was offset by price decrease in the production of plastic and wood products and electronic equipment. "While in April, price decrease in the production of dairy products had a significant impact, in May, significant impact came from price increase in the same economic activity," added Šokman.
Compared to May 2019, the index was affected more than average by price decrease in electricity and heat energy supply and in the manufacture of electronic equipment, fuel oils and wood products as well as price increase in mining and quarrying and in the manufacture of textile and metal products.
| Economic activity according to EMTAK 2008 | April 2020 – May 2020, % | May 2019 – May 2020, % |
|---|---|---|
| TOTAL | 0.1 | -3.9 |
| Manufacturing | -0.1 | -2.7 |
| Mining and quarrying | 1.8 | 4.6 |
| Electricity, gas, steam and air conditioning supply | 2.5 | -24.4 |
| Water supply; sewerage, waste management and remediation activities | 0.0 | -9.0 |
Compared to April 2020, the export price index increased by 0.4%. The prices of electricity, chemical products and beverages increased the most, while the prices of parts and accessories for motor vehicles, textile products and wearing apparel decreased. Compared to May 2019, the export price index decreased by 8.2%.
The import price index fell by 1.1% compared to April 2020. The prices of chemical and oil products, leather products and footwear decreased more than average, while the prices of electricity, electronic equipment and raw forest products increased. The import price index decreased by 9.2% compared to May 2019.
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.