Producer prices for services grew by 2.9 per cent year-on-year in January to March 2024

Product groups driving the changes in indices

Compared with previous year’s first quarter, the rise in producer price indices for services in total (Business to All, BtoAll) was particularly caused by higher prices of computer programming and consultancy services, rental and operating services of own or leased real estate, and human health services. The increase in BtoAll prices was curbed especially by lower prices of sea and coastal freight water transport services and other transportation support services compared with Q1 2023.

The year-on-year increase in the prices of services for enterprises and the public sector (Business to Business, BtoB) was driven especially by higher prices of computer programming and consultancy services, business and other management consulting services, and rental and operating services of own or leased real estate. As in BtoAll-index, the increase in BtoB prices was curbed by lower prices of sea and coastal freight water transport services and other transportation support services compared with Q1 2023.

Prices of services sold to households (Business to Consumers, BtoC) were increased from Q1 2023 particularly due to higher prices of food and beverage serving services, rental and operating services of own or leased real estate, and tour operator services. The increase was curbed especially by fallen prices of urban and suburban passenger land transport services, passenger air transport services, and interurban passenger rail transport services compared with a year ago.

Producer price indices for services currently cover about 75 per cent of all market services. Coverage is nearly 90 per cent when wholesale and retail trade services are excluded from the analysis.

Weight structure of producer price indices updated

In the first quarter of 2024, the weight structure of the producer price indices for services was updated to reflect the structure of the 2023 economy. More information about the update of the weight structure can be found on the home page of the producer price indices for services under comparability in the documentation section.