Producer prices for services grew by 4.7 per cent year-on-year in January to March 2023
release | Producer price indices for services 2023, 1st quarterAccording to Statistics Finland, the annual change in the producer price index for services was 4.7 per cent in the first quarter of 2023. Compared to the previous quarter, producer prices for services rose by 0.9 per cent.
Key selections
- Producer prices for services in total (BtoAll) rose by 4.7 per cent year-on-year and by 0.9 per cent from the previous quarter.
- Producer prices of services for enterprises and the public sector (BtoB) went up by 4.6 per cent year-on-year and by 0.5 per cent from the previous quarter.
- Producer prices of services for households (BtoC) increased by 4.8 per cent year-on-year and by 1.9 per cent from the previous quarter.
Increased prices of transport services still reflect to producer price indices for services
Compared to Q1 of 2022, the rise in producer price indices for services in total (Business to All, BtoAll) was again particularly caused by higher prices of transport services. Especially support services for transportation, freight transport services by road and sea and coastal freight water transport services contributed to the increase. BtoAll-index also rose due to the increased prices of food and beverage serving services and rental and operating services of own or leased real estate.
The increase in BtoAll prices was curbed by lower prices of business and other management consulting services and telecommunications services compared to Q1 2022.
The year-on-year increase in the prices of services for enterprises and the public sector (Business to Business, BtoB) was driven by the same transport service groups as in producer price indices in total (BtoAll) and by the higher prices of 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 business and other management consulting services and telecommunications services compared to Q1 2022.
Compared to previous year’s Q1, prices of services sold to households (Business to Consumers, BtoC) were increased particularly by higher prices of food and beverage serving services, human health services and other passenger land transport services. The increase was curbed by fallen prices of rental and leasing services of cars and light motor vehicles compared to the first quarter of 2022.
Producer price indices for services currently cover about 70 % of all market services. Coverage is 85 % when wholesale and retail trade services are excluded.
Weight structure of producer price indices updated
In the first quarter of 2023, the weight structure of the producer price indices for services was updated to reflect the structure of the 2022 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.
Tables
Producer price indices for services 2015=100, total (BtoAll), 2023Q1, services by activity (CPA 2015)
Producer price indices for services 2015=100, services to enterprises and public sector (BtoB), 2023Q1, services by activity (CPA 2015)
Producer price indices for services 2015=100, services to households (BtoC), 2023Q1, services by activity (CPA 2015)
Producer price indices for services 2010=100, services to enterprises and public sector (BtoB), 2023Q1, industry (TOL 2008)
Database tables
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- Products by activity (CPA 2015)
- Destination of service
- Destination of service
- Products by activity (CPA 2015)
- Industry
- Industry