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In the first quarter of 2023, industrial producer prices fell by 2.2% compared with the last quarter of 2022. During the same period, construction producer prices increased by 2.2 % while services producer prices were up by 0.3 %.

These price changes were relatively moderate in comparison with the very dynamic price changes during 2021 and 2022. 
 

Timeline graph: producer prices for industry (blue line), construction (yellow gold line) and services (red line), Q1 2015-Q1 2023 (quarterly data, not adjusted, 2015=100)


Source dataset: sts_inpp_q, sts_copi_q, sts_sepp_q

In 2021 and 2022, producer prices increased in an unprecedented way. Between the last quarter of 2020 and the last quarter of 2022, industrial producer prices rose by more than 44%. This development was mainly influenced by energy prices. 

During the same period, construction output prices increased by more than 20%. In comparison, the increase of services producer prices by almost 8% appears moderate but is outstanding when compared with the rather moderate price movements of services prices in the past. In services, the main driver behind the general development were water and air transport services as well as prices for postal and courier activities.
 

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Methodological notes: 

 

  • Producer prices are conceived from the point of view of the producer of a product or service whereas consumer prices are seen from the point of view of the buyer/consumer. Producer prices do not include VAT and similar taxes.
  • Producer prices are based on selling prices reported by establishments of all sizes selected as being representative of the whole population. Regular collection of prices data normally flows from a sample of units and a sample of their products.
  • Producer prices are widely used by the business community and governments and enable regular monitoring of prices at different stages of the manufacturing process. They capture price movements prior to the retail level. Therefore, they may foreshadow subsequent price changes for businesses and consumers. 

 

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