Statistics: Fall in industrial output producer price index continued to February
Perhaps more useful is to look at the month-on-month figure, which in this case shows a 2.6 percent fall in producer price index of industrial output, between January and February this year.
The producer price index of industrial output expresses changes in the producer prices of industrial goods manufactured in Estonia for the domestic market and for export.
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 falls in electricity and heat energy production (district heating), and in the manufacture of food products and chemicals.
The index was also influenced by price rises in the manufacture of fuel oils and wood and timber products, the agency says.
Between February 2023 and February 2024, the index was the most affected by falling process in electricity and heat energy production, in the manufacture of wood, timber and wooden products, and in the production of food, Statistics Estonia says.
Rising prices in the manufacture of electronic products exerted the opposite effect on the index.
Producer prices fell by 2.0 percent in manufacturing as a whole, and by 4.1 percent in food production, Statistics Estonia says.
Exports
In February 2024 the export price index fell by 4.6 percent on the preceding month. The greatest price falls were posted in electricity, in agricultural products, and in mining and quarrying. Prices rose the most in the pharmaceutical products sector, the agency says, along with the petroleum products and other non-metallic mineral products sectors.
On year to February 2024, the export price index fell by 5.2 percent.
Imports
The import price index declined by 3.3 percent in February this year as compared with January, Statistics Estonia says.
Prices fell the most in electricity, in mining and quarrying, and in agricultural products. The largest increase was seen in the prices of petroleum products, clothing apparel, and motor vehicles, Statistics Estonia says. Compared with February 2023, the import price index went down by 2.6 percent, in February of this year.
Statistics Estonia compiled the above data on behalf of the Ministry of Economic Affairs and Communications.
More detailed information from Statistics Estonia is available here and here.
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Editor: Andrew Whyte
