Statistics Sweden reported notable price increases across domestic, export, and import markets in November 2024. The Producer Price Index (PPI) showed an upward trend, marking a recovery in certain sectors after previous months of decline.
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Domestically, energy-related products experienced significant price growth, particularly in electricity trade and distribution services. The cost of district heating and refined petroleum products also saw substantial increases. On the export front, electricity generation prices led the rise, alongside gains in basic metals, motor vehicles, food products, and other machinery. Similarly, on the import market, higher prices for petroleum products, crude oil, natural gas, and electronic products were key contributors.
Annual changes revealed a more nuanced picture. While energy-related product prices were notably lower compared to the same period last year, consumer and capital goods prices continued to grow. The annual rate of the PPI excluding energy-related products also showed improvement, signalling broader economic adjustments beyond volatile energy sectors.
Shifts in currency exchange rates played a role in price fluctuations, influencing export and import prices. The Swedish krona's performance against key trade currencies affected price adjustments in imported and exported goods.
Looking ahead, a methodological change will be implemented in January 2025, with the PPI transitioning to using exchange rates provided by the Swedish Riksbank instead of Swedish Customs. This adjustment aims to enhance the accuracy of price conversions for goods traded in foreign currencies.
Statistics Sweden continues to monitor and report on these developments to provide insights for policy-makers, businesses, and researchers.
More information:
Statistics Sweden
www.scb.se