Producer prices for manufactured products fell by 6.5 per cent in May 2023 year-on-year

Product groups affecting the changes in indices

The decrease in the producer prices for manufactured products was particularly caused by the decrease in the prices of oil products, basic metals, and electricity compared to last year's May. The fall in prices was curbed especially by the increase in prices of food products, and machinery and equipment from a year ago.

The export price index went down by 8.6 per cent and the import price index by 9.5 per cent in a year. The basic price index for domestic supply went down by 3.3 per cent. The basic price index for domestic supply including taxes fell by 3.7 per cent.

The decrease in the export price index was especially due to lower prices of basic metals, oil products, and chemicals and chemical products compared to last year’s May. The fall in prices was curbed especially by the increase in prices of machinery and equipment, and electrical equipment. The decrease in the import price index was, in turn, especially caused by lower prices of crude oil, basic metals and natural gas. The fall in prices was curbed especially by the increase in prices of food products, and machinery and equipment.

From April to May, producer prices for manufactured products went down by 2.1 per cent. Producer prices fell especially due to fallen prices of electricity and oil products compared with the previous month.