Statistics Finland has revealed that producer prices for manufactured products in Finland have witnessed an average decline of 6.5% from May 2022 to May 2023. Specifically, the prices of manufactured products sold in the domestic market fell by 4.1%, while export product prices experienced a more significant drop of 8.7%.
Analysis of the producer price index for manufactured products from January 2015 to May 2023 indicates notable trends. In comparison to 2015, producer prices for manufactured goods have grown by 34.5%, prices for products sold domestically have increased by 34.5%, and export product prices have risen by 35.1%.
Key points:
- The average decrease of 6.5% in producer prices for manufactured products occurred between May 2022 and May 2023.
- The decline in prices can be primarily attributed to lower prices of oil products, basic metals, and electricity when compared to May of the previous year. However, the decrease was partly offset by higher prices of food products and machinery and equipment compared to the previous year.
- The export price index experienced an 8.6% decrease, while the import price index dropped by 9.5% within one year.
- The basic price index for domestic supply decreased by 3.3%, and the basic price index for domestic supply including taxes fell by 3.7%.
Product groups influencing the changes in indices: The decline in producer prices for manufactured products was primarily driven by lower prices of oil products, basic metals, and electricity compared to May of the previous year. Conversely, the decrease was partly mitigated by higher prices of food products and machinery and equipment compared to the same period a year ago.
The export price index decreased by 8.6%, primarily due to reduced prices of basic metals, oil products, and chemicals compared to May of the previous year. However, the decrease was partially offset by increased prices of machinery and equipment and electrical equipment. The import price index fell by 9.5%, primarily due to lower prices of crude oil, basic metals, and natural gas. Nevertheless, the decrease was partly mitigated by higher prices of food products and machinery and equipment.
Additionally, from April to May, there was a 2.1% decline in producer prices for manufactured products. The decrease can be attributed to lower prices of electricity and oil products compared to the previous month.
https://www.stat.fi/en/publication/cl8mq9uchz2kc0cw15tdrnokc