Swedish producer prices accelerate as energy costs climb

Sweden’s producer price inflation accelerated sharply in April, reaching its highest level in more than three years as surging energy costs pushed prices higher across multiple sectors, Statistics Sweden confirmed.

The producer price index rose 4.7% year-on-year in April, compared with a 2% increase recorded in March. The latest figure marks the strongest annual rise since February 2023, when producer prices climbed 9.3%, dpa reports.

“Increased prices for crude oil contributed to several other product groups and is an important factor why producer prices have the highest annual rate since February 2023,” Chatrine Lundbeck said.

Energy-related products recorded the sharpest increase, with prices surging 27% compared with the same period last year. By contrast, prices for capital goods rose only 0.6%, while consumer goods prices declined 3.2%.

Excluding energy-related products, producer price inflation stood at 1.4%, indicating that the broader rise in prices was largely driven by higher energy costs.

On a monthly basis, producer prices increased 1.1% in April following a 0.6% rise in March.

Separate figures released by Statistics Sweden showed that the import price index climbed 9% year-on-year in April, while export prices rose 4%. The agency attributed the increase in import prices primarily to higher crude oil costs.

By Vafa Guliyeva