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Published: 28 February 2022

Producer prices for manufactured products grew by 23.4 per cent from January last year

Corrected on 28 February 2022. The corrections are indicated in red.

According to Statistics Finland, producer prices for manufactured products rose by an average of 23.4 per cent from January 2021 to January 2022 . Producer prices for manufactured products sold on the domestic market rose by 21.9 per cent, while the producer prices of export products went up by 25 per cent.

Producer Price Index (PPI) 2015=100, 1/2015–01/2022

Producer Price Index (PPI) 2015=100, 1/2015–01/2022
The rise in the producer prices for manufactured products was particularly caused by higher prices of oil products, basic metals, paper and paper products from last year's January.

The export price index rose by 24.9 per cent and the import price index by 25.3 per cent in the year. The basic price index for domestic supply went up by 18.1 per cent. The basic price index for domestic supply including taxes rose by 15.5 per cent.

The rise in the export price index was especially due to higher prices of basic metals, oil products, paper and paper products from last year’s January. The rise in the import price index was especially caused by higher prices of crude oil, natural gas, chemicals and chemical products.

From December to January, producer prices for manufactured products rose by 1.5 per cent. Producer prices were particularly boosted by the risen prices of oil products, chemicals and chemical products compared with the previous month.

Weight structures of producer price indices updated

Producer price indices are annual chain indices, which means that the weight structure of the indices is updated annually in January each year. The product and enterprise samples are also updated in the same connection. As a result of the latest weight structure update, particularly the weight of electricity, crude oil and oil products grew in the indices, which means that price changes in these product groups have more effect than at present in the indices for 2022.

The latest available data from National Accounts, the statistics on industrial output and Finnish Customs’ statistics on foreign trade are used when preparing the weight structures. The latest data from the supply and use tables of the National Accounts concerned the year 2019. The most detailed level product group and enterprise weights are based on data from the foreign trade statistics of Finnish Customs and statistics on industrial output for 2020. In the end, the weight structures were price updated for December 2021.

Updating of the weight structures and sample improves the quality of the indices, because with their help, structural changes in production, exports and imports can be taken into account faster. The distribution data of the index weight structures are available on the home page of the statistics under the Methodological descriptions section.

Producer Price Indices 2015=100, January 2022

Index Monthly change, % Annual change, %
Producer Price Index, total 127.9 1.5 23.4
- Producer Price Index, domestic goods 127.8 0.0 21.9
- Producer Price Index, export goods 128.0 3.2 25.0
Export Price Index 127.7 3.1 24.9
Import Price Index 130.7 2.0 25.3
Basic Price Index for Domestic Supply 125.3 0.9 18.1
Basic Price Index for Domestic Supply, incl. taxes 123.2 0.3 15.5

Producer Price Indices 1949=100, January 2022

Index Monthly change, % Annual change, %
Production Price Index 2461 1.5 23.4
Export Price Index 2119 3.1 24.9
Import Price Index 2004 2.0 25.3
Wholesale Price Index 2727 0.3 15.5

Source: Producer Price Index 2022, January. Statistics Finland

Inquiries: Anna-Riikka Pitkänen 029 551 3466, Ville Auno 029 551 3023, tuottajahinnat@stat.fi

Head of Department in charge: Katri Kaaja

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Updated 28.02.2022

Referencing instructions:

Official Statistics of Finland (OSF): Producer price indices [e-publication].
ISSN=1799-3695. January 2022. Helsinki: Statistics Finland [referred: 18.6.2024].
Access method: http://www.stat.fi/til/thi/2022/01/thi_2022_01_2022-02-28_tie_001_en.html