Published: 24 April 2020

Producer prices for services grew by 1.1 per cent year-on-year in January to March

According to Statistics Finland, the annual change in the Producer Price Index for Services was 1.1 per cent in the first quarter of 2020. Compared to the previous quarter, producer prices for services rose by 0.4 per cent.

Producer Price Indices for Services 2015=100, I/2015–I/2020

Producer Price Indices for Services 2015=100, I/2015–I/2020

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

Producer prices for services for enterprises and the public sector (Business to Business, BtoB) were boosted in particular by higher prices of freight transport by road and business and management consulting services from one year ago. The rise was held back by fallen prices of renting services of 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 rents of dwellings and human health services from one year ago. The rise was held back by, for example, lower prices of passenger transport services.

Producer Price Indices for Services 2015=100, total (BtoAll), 1st quarter 2020

Services by activity Point figure Quarterly change,% Annual change,%
TOTAL INDEX 105.9 0.4 1.1
H TRANSPORTATION AND STORAGE SERVICES 105.2 0.2 0.8
I ACCOMMODATION AND FOOD SERVICES 109.2 0.1 1.0
J INFORMATION AND COMMUNICATION SERVICES 105.0 -0.1 0.4
L REAL ESTATE SERVICES 106.6 0.2 1.4
M PROFESSIONAL, SCIENTIFIC AND TECHNICAL SERVICES 105.8 0.1 1.2
N ADMINISTRATIVE AND SUPPORT SERVICES 100.2 0.0 0.1
P EDUCATION SERVICES 106.0 -0.7 0.4
Q HUMAN HEALTH AND SOCIAL WORK SERVICES 113.2 3.4 3.5
R ARTS, ENTERTAINMENT AND RECREATION SERVICES 106.5 1.0 2.2
S OTHER SERVICES 106.1 0.8 1.7

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

Weight structure of Producer Price Index for Services updated

Producer Price Index for Services is an annual chain index, i.e. the weight structure of the index 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 2016. These data were raised with two-digit level data for 2018 from the National Accounts. 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 2020, 1st quarter. Statistics Finland

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

Director in charge: Jan Nokkala

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Tables

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Appendix tables

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Updated 24.04.2020

Referencing instructions:

Official Statistics of Finland (OSF): Producer price indices for services [e-publication].
ISSN=1798-3940. 1st quarter 2020. Helsinki: Statistics Finland [referred: 10.7.2020].
Access method: http://www.stat.fi/til/pthi/2020/01/pthi_2020_01_2020-04-24_tie_001_en.html