The producer price index (PPI) of industrial output, which expresses changes in the producer prices of industrial goods manufactured in Estonia for the domestic market and for export, decreased by 0.2% in February 2023 compared with January 2023 and increased by 11.6% compared with February 2022, according to Statistics Estonia.
Eveli Šokman, leading analyst at Statistics Estonia, said that, compared with January, the producer price index was most affected by falling prices in the manufacture of wood, electronic products, and paper and paper products. The index was also influenced by price increases in electricity and heat production and in the manufacture of electrical equipment.
Compared with February 2022, the index was primarily influenced by rising prices in the manufacture of food products, wood products, and building materials. Lower prices in the manufacture of fuel oils had the opposite effect on the index. The increase in producer prices was 12.1% in manufacturing as a whole and 21.0% in the manufacture of food products.
In February, the export price index remained at the same level compared with January. The biggest increase occurred in the prices of electricity, wearing apparel, and machinery and equipment. The biggest fall in prices was recorded in mining and quarrying and for paper products and petroleum products. Compared with February 2022, the export price index rose by 13.0%.
The import price index grew by 0.3% in February compared with January. The biggest increase was registered in the prices of electricity, agricultural products, and leather products and footwear. Prices fell the most in mining and quarrying, for paper products and for wearing apparel. Compared with February 2022, the import price index rose by 9.6%.