Producer price index of industrial production down year on year, up from previous month
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, increased by 1.0% in May 2024 compared with April and decreased by 1.6% compared with May last year.
Eveli Šokman, team lead of producer price statistics at Statistics Estonia, said that, compared with May 2023, the producer price index was most affected by price decreases in the manufacture of wood and wood products, in electricity and heat energy production, and in the manufacture of food products. “Rising prices in the repair of machinery and equipment and in the manufacture of electronic equipment and fuel oils had the opposite effect on the index. Producer prices decreased by 0.8% in manufacturing as a whole and by 2.7% in the manufacture of food products,” Šokman noted.
Compared with April 2024, the index in May was primarily affected by price increases in electricity production and in the manufacture of wood and wood products and metal products. The index was also influenced by falling prices in the manufacture of fuel oils.
In May, the export price index rose by 1.6% compared with April. The greatest price increases were registered for electricity, for agricultural products, and in mining and quarrying. Prices of petroleum products, food products, and leather products and footwear declined the most. In comparison with May 2023, the export price index fell by 0.6%.
The import price index rose by 1.7% in May compared with April. Prices of electricity, mining and quarrying, and chemicals and chemical products increased the most. The greatest fall was seen in the prices of petroleum products, food products, and furniture. Compared with May 2023, the import price index increased by 0.3%.
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.
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For further information:
Heidi Kukk
Media Relations Manager
Marketing and Dissemination Department
Statistics Estonia
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