17 January 2003
Inquiries: Mr Jari Harjunpää +358 9 1734 3472, Mr
Anssi Vuorio +358 9 1734 2934
Director in charge: Mr Kari Molnar
Higher price of crude oil raised import prices
According to Statistics Finland, import prices rose by 2.0 per cent from December 2001 to December 2002. The rise was particularly due to higher price of crude oil. In addition to crude oil, increased prices of motor vehicles, oil products and base metals had a significant effect on the rise of import prices. The rise was restrained by lower prices of other vehicles, electronic goods, chemicals and chemical products, coal and agricultural products. The average import prices were 2.7 per cent lower in 2002 than in 2001.
Export prices went down by 0.9 per cent from December 2001 to last year's December. The fall was mainly attributable to lower prices of pulp, paper and paper products, electronic goods and agricultural products. The fall of export prices was curbed by risen prices of oil products, base metals and timber and wood products. Last year the average export prices were 3.5 per cent lower than the year before.
Producer prices rose from November to December
According to Statistics Finland, the producer price indices, apart from the export price index, rose by 0.1 to 1.4 per cent from November to December. The rise was especially due to risen price of crude oil.
Export prices fell by 0.1 per cent from last year's November to December. This was mainly caused by declining prices of pulp, paper and paper products, and chemicals and chemical products. The fall of the index was held back by higher prices of oil products.
Month-on-month and year-on-year changes of Producer Price Indices in December 2002 and average year-on-year changes from 2001 to 2002, % (1995=100)
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| Indices | Point figure 12/2002 |
Change, % 11/2002 - 12/2002 |
Change, % 12/2001 - 12/2002 |
Change, % 2001 - 2002 |
| Producer price index for manufactured products | 107.0 | 0.1 | 1.2 | -0.5 |
| Export price index | 96.0 | -0.1 | -0.9 | -3.5 |
| Import price index | 105.2 | 1.4 | 2.0 | -2.7 |
| Basic price index for domestic supply | 107.6 | 0.4 | 1.5 | -0.8 |
| Wholesale price index | 107.7 | 0.5 | 1.4 | -0.7 |
Producer price indices measure the development of commodity prices from enterprises' viewpoint. The basic price index for domestic supply measures the development of prices exclusive of tax of goods used in Finland as they enter the market. The wholesale price index describes the change in the purchase prices of goods used in Finland inclusive of tax. Both these indices contain domestic and imported goods.
Source: Producer Price Indices 2002, December. Statistics Finland