The industrial producer price index rose by 33.7% YoY in May.
Leading analyst at Statistics Estonia Germo Valgenberg said: “In manufacturing as a whole, prices increased by 24%, whereas in the manufacture of food products, prices rose by 21.2%.”
Valgenberg explained that this May’s index was primarily affected by price increases in the production of electricity and heat energy. Price rises in the manufacture of wood and wood products, as well as food and fabricated metal products also had an impact on the index, which refers to the gross monthly change in the prices of industrial goods manufactured for both the domestic and export markets.
Price rises in these same sectors also had an effect on the index’s 3.1% increase in May, when compared to April.
Between April and May, the export price index rose by 3.3%, with the biggest increases occurring in the cost of electricity, petroleum products and building materials. This represents a 27.7% YoY growth.
May import price index rose by 2.5% against figures for the previous month. The largest price increases were in electricity production and the manufacture of petroleum products and chemicals. Compared to May 2021, the import price index increased by 30.1%. (ERR/Business World Magazine)
