In particular, higher prices of petroleum products, base metals and paper and paper products contributed to the rise in industrial producer prices.
Industry producer prices are rising sharply.
According to Statistics Finland, industrial producer prices rose by an average of 23.4 per cent from January 2021 to January 2022.
Producer prices of industrial goods sold domestically rose by 21.9 per cent, while producer prices of export goods rose by 25 per cent.
The rise in prices was mainly due to higher prices of petroleum products, base metals and paper and paper products from January of the previous year.
Export price index rose by 24.9 per cent and the import price index rose by 25.3 per cent a year. The basic price index for the domestic market rose by 18.1 per cent. The taxable basic price index for the domestic market rose by 15.5 per cent.
The export price index measures the price development of export goods.
The rise in the export price index was mainly due to higher prices of base metals, petroleum products and paper and paper products from January of the previous year. The rise in the import price index was mainly due to higher prices of crude oil and natural gas, as well as chemicals and chemical products.
From December by January, industrial producer prices rose by 1.5 per cent. Producer prices were raised, in particular, by higher prices of petroleum products and chemicals and chemical products compared with the previous month.
The weighting of producer price indices is updated annually in January each year.
Product and company samples are also updated in the same context, Statistics Finland says.
With the latest weight structure update, the weight of electricity, crude oil and petroleum products in the indices in particular increased, so that price changes in these product groups will have a greater impact on the 2022 indices.
The latest available data from the National Accounts, Industrial Production Statistics and Customs Foreign Trade Statistics are used to compile the weighting structures.
According to Statistics Finland, updating the weight structures and the sample will improve the quality of the indices, as they will allow faster account to be taken of structural changes in production, exports and imports.
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