Lower prices of crude oil and oil products reduce import prices

According to Statistics Finland, import prices fell by 0.4 per cent from February to March. The fall was especially due reductions in the world market prices of crude oil and oil products.

Import prices went down by 0.2 per cent in the year to March. This was due to lower prices of energy products and electrical goods. The import prices of energy products fell by 15 per cent and those of electrical goods four per cent in the year.

Export prices went up by 2.1 per cent in the year to March. The increase was due to higher prices of pulp, paper, paper products, base metals, as well as machinery and equipment. From February to March, export prices fell by 0.2 per cent, due to lower prices of timber and oil products.

Producer prices for manufactured goods, or producer prices for goods intended for home sales, went up by 0.3 per cent in the year. This was due to higher prices of pulp, district heating, food and beverages. In contrast, lower prices of oil products, electrical products and timber curbed the rise of the producer price index of manufactured goods. From February to March, producer prices for manufactured goods rose by 0.1 per cent.

Wholesale prices rose by 0.3 per cent in the year. The wholesale prices for domestic goods went up by 0.4 per cent and those of imported goods by 0.2 per cent in the year. From February to March, wholesale prices fell by 0.1 per cent.

From February to March, the HWWA Index fell by over three per cent due to lower prices of crude oil. The HWWA Index was down by nearly 21 per cent compared to March 1997. The biggest reduction in the year occurred in the price of crude oil, which went down by 31 per cent. The HWWA Index measures US dollar-based world market prices of raw materials.

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Monthly and annual changes in producer prices indices, March 1998, %
Indices	2/98 - 3/98	3/97 - 3/98
Producer price index, home sales	0.1	0.3
Export price index	-0.2	2.1
Import price index	-0.4	-0.2
Basic price index for domestic supply	-0.1	0.4
Wholesale price index	-0.1	0.3

Source: Producer Price Indices 1998, March. Statistics Finland