According to Statistics Finland, industrial producer prices in Finland experienced an average decrease of 8.4% from August 2022 to August 2023. Producer prices for industrial goods sold in the domestic market decreased by 7.0%, while producer prices for export goods dropped by 10.0%.
Key Highlights:
- Industrial producer prices decreased by an average of 8.4% from August 2022 to August 2023.
- The decline in industrial producer prices was influenced primarily by the reduced cost of electricity, basic metals, and chemicals and chemical products compared to the previous August. However, the decrease in producer prices was moderated by the increased cost of machinery and equipment compared to the previous year.
- The export price index decreased by 9.9%, and the import price index fell by 13.5% annually.
- The domestic market base price index decreased by 7.0%, and the taxable domestic market base price index dropped by 7.9% yearly.
Factors Impacting Price Indices:
- The decrease in industrial producer prices was notably driven by the reduced costs of electricity, basic metals, as well as chemicals and chemical products compared to the previous August. The rise in machinery and equipment costs compared to the previous year partially offset the decline in producer prices.
- The decline in the export price index was primarily influenced by the reduced prices of chemicals and chemical products, basic metals, and paper and paper products compared to the previous August. The increase in machinery and equipment costs helped moderate the decline in export prices.
- The decrease in the import price index was mainly due to the reduced prices of electricity, natural gas, and crude oil. The increase in the costs of food products and machinery and equipment helped mitigate the decline in import prices.
From July to August, industrial producer prices increased by 1.8%. This increase was mainly driven by higher prices for oil products and electricity compared to the previous month. However, the increase in producer prices was restrained by lower prices for paper and paper products compared to the previous month.
These statistics provide valuable insights into the dynamics of Finland’s industrial producer prices, reflecting changes in various sectors of the economy and global market conditions.