According to the Finnish Statistical Office, industrial producer prices in Finland experienced an average decline of 9.5% from June 2022 to June 2023. Prices for industrial goods sold in the domestic market decreased by 7.0%, while prices for goods exported abroad dropped by 12.0%.
The main highlights are as follows:
- Industrial Producer Prices Decrease: Overall, industrial producer prices in Finland saw a significant decrease of 9.5% from June 2022 to June 2023.
- Factors Affecting the Decline: The drop in producer prices was mainly influenced by the lower prices of oil products, basic metals, electricity, chemicals, and chemical products compared to the same period last year. However, the decline was partially mitigated by the higher prices of food and beverages, as well as machinery and equipment.
- Export and Import Prices: The export price index declined by 11.9% and the import price index also dropped by 11.9% over the past year.
- Domestic Market Prices: In the domestic market, the basic price index decreased by 5.8%, and the price index including taxes decreased by 5.9% over the year.
- Impact on Specific Categories: The decline in export prices was mainly influenced by lower prices of oil products, basic metals, chemicals, and chemical products compared to the previous year. However, the drop in export prices was partially offset by higher prices of machinery and equipment, as well as electrical machinery and apparatus. On the other hand, the decrease in import prices was primarily driven by lower prices of crude oil, basic metals, oil products, and natural gas. Import prices were also partly moderated by higher prices of food and beverages, as well as machinery and equipment.
- Monthly Changes: From May to June 2023, industrial producer prices decreased by 0.3%. The decline was mainly due to lower prices of basic metals, paper, and paper products compared to the previous month. However, the decrease in producer prices was partly offset by higher prices of electricity and oil products during the same period.