Producer prices for services grew by 0.9 per cent year-on-year in January to March

According to Statistics Finland, the annual change in the Producer Price Index for Services was 0.9 per cent in the first quarter of 2021. Compared to the previous quarter, producer prices for services rose by 0.9 per cent.

Producer Price Indices for Services 2015=100, I/2015–I/2021

Producer prices for services were pushed up particularly by higher prices of support services for transportation together with human health services from one year ago. The price increase was also affected by higher prices of rents of dwellings and food services. The rise in the prices was held back by fallen prices of renting services of construction machinery and equipment, as well as accommodation services, for example.

Producer prices for services for enterprises and the public sector (Business to Business, BtoB) were boosted in particular by higher prices of support services for transportation from one year ago. The rise was held back by fallen prices of renting services of construction machinery and equipment, among other things. Producer prices for services for households (Business to Consumers, BtoC) were, in turn, pushed up particularly by higher prices of food services and human health services from one year ago. The rise was held back by, for example, lower prices of accommodation services.

Producer Price Indices for Services 2015=100, total (BtoAll), 1st quarter 2021

Services by activity	Point figure	Quarterly change,%	Annual change,%
TOTAL INDEX	106.8	0.9	0.9
H TRANSPORTATION AND STORAGE SERVICES	109.1	3.1	3.7
I ACCOMMODATION AND FOOD SERVICES	109.3	0.6	0.1
J INFORMATION AND COMMUNICATION SERVICES	103.2	-0.4	-1.7
L REAL ESTATE SERVICES	107.9	0.5	1.2
M PROFESSIONAL, SCIENTIFIC AND TECHNICAL SERVICES	105.4	0.3	-0.4
N ADMINISTRATIVE AND SUPPORT SERVICES	100.8	-0.5	0.6
P EDUCATION SERVICES	106.7	-0.5	0.6
Q HUMAN HEALTH AND SOCIAL WORK SERVICES	117.3	3.3	3.7
R ARTS, ENTERTAINMENT AND RECREATION SERVICES	106.6	1.4	0.2
S OTHER SERVICES	107.2	0.2	1.1

Producer Price Indices for Services currently cover about 60 per cent of the market services.

Producer price index for services was revised: new index series are available and index weight structures have been updated

The producer price index for services was revised and four new 2–digit level index series have been added to the index from beginning of 2021:

59 Motion picture, video and television programme production, sound recording and music publishing activities
74 Other professional, scientific and technical activities
79 Travel agency, tour operator and other reservation service and related activities
82 Office administrative, office support and other business support activities

The base year of the new index series is 2015. However, the indices are not chained backwards until 2015, but the point figure for December 2020 is 100. The new indices have also been added to the overall index starting from the beginning of 2021.

The publication of new index series will improve the coverage of the producer price index for services even further. The index series also meet the new EU regulation requirements. Funding has been received from Eurostat for the development of new index series.

The producer price index for services is an annual chain index, i.e. the weight structure is updated annually, always in the first quarter of each year. The weight structures are formed using the latest available National Accounts data. The latest data from the supply and use tables of the National Accounts concerned the year 2017. These data were raised with 2-digit level data for 2019 from the National Accounts. Additional adjustments for weights were made separately for industries that were affected the most by the coronavirus pandemic. These industries included water transports, air transports, accommodation services, food services, motion picture, video and television programme production services, sound recording and music publishing, travel agency and tour operator services. In addition to the weight structure, product categories and the enterprise sample were also updated.

Updating the weight structure and sample improves the quality of the index, because with their help, structural changes in service industries can be taken into account faster.

Source: Producer Price Indices for Services 2021, 1st quarter. Statistics Finland

Inquiries: Ville Auno 029 551 3023, pthi.tilastokeskus@stat.fi

Head of Department in charge: Katri Kaaja

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Quality descriptions

Quality Description of Producer Price Index for Services (26.4.2021)

Updated 26.04.2021

Referencing instructions:

Official Statistics of Finland (OSF): Producer price indices for services [e-publication].
ISSN=1798-3940. 1st quarter 2021. Helsinki: Statistics Finland [referred: 16.11.2024].
Access method: http://www.stat.fi/til/pthi/2021/01/pthi_2021_01_2021-04-26_tie_001_en.html