The decline in the producer price index of industrial output continued
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, fell by 2.6% in February 2024 compared with January and by 3.9% compared with February last year.
Eveli Šokman, team lead of producer price statistics at Statistics Estonia, said that, compared with January, the producer price index was primarily affected by price decreases in electricity and heat energy production and in the manufacture of food products and chemicals. The index was also influenced by price increases in the manufacture of fuel oils and wood products.
Compared with February 2023, the index was the most affected by price decreases in electricity and heat energy production, in the manufacture of wood and wood products, and in the manufacture of food products. Rising prices in the manufacture of electronic products had the opposite effect on the index. Producer prices decreased by 2.0% in manufacturing as a whole and by 4.1% in the manufacture of food products.
In February, the export price index fell by 4.6% compared with January. The greatest price decreases were registered for electricity, for agricultural products, and in mining and quarrying. Prices increased the most for pharmaceutical products, petroleum products, and other non-metallic mineral products. Compared with February 2023, the export price index fell by 5.2%.
The import price index declined by 3.3% in February compared with January. Prices fell the most for electricity, in mining and quarrying, and for agricultural products. The biggest increase was registered in the prices of petroleum products, wearing apparel, and motor vehicles. Compared with February 2023, the import price index was down by 2.6%.
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.
When using Statistics Estonia’s data and graphs, please indicate the source.
For further information:
Kai Kaljumäe
Communications Partner
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9184
press [at] stat.ee (press[at]stat[dot]ee)