Rapid growth in the industrial producer price index slowed in July

Germo Valgenberg, analyst at Statistics Estonia, said that, compared with July last year, the index was primarily affected by price increases in electricity and heat energy production and in the manufacture of wood and wood products, food products, and fabricated metal products. “Prices rose by 20.3% in manufacturing as a whole, and the price increase in the manufacture of food products was 25.1%”, added Valgenberg.

Compared with June, the producer price index was most affected by price increases in electricity production and in the manufacture of food products. The falling prices in the manufacture of wood, electronic products, and fuel oil also had an impact on the index.

The export price index rose by 0.4% in July compared with June. The biggest price increases occurred in electricity production, mining and quarrying, and manufacture of wood products. Prices of petroleum products, fabricated metal products, and agricultural products fell the most. Compared with July 2021, the export price index increased by 26.8%.

The import price index rose by 1.5% in July, compared with the previous month. The biggest price increases were recorded in electricity production and in the manufacture of chemicals and chemical products and furniture. Prices fell most for petroleum products, wood products, and agricultural products. Compared with July 2021, the import price index increased by 28.7%.

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.

For further information:

Helen Maria Raadik
Media Relations Manager
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9191

Photo: Shutterstock