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Financial News: Estonia Producer Prices Continue To Fall In May

Estonia Producer Prices Continue To Fall In May

06/22/2020 - 02:41:00 (RTTNews)

(RTTNews) - Estonia's producer prices continued to fall in May, data from Statistics Estonia showed on Monday.

The producer price index declined 3.9 percent year-on-year in May, following a 4.4 percent fall in April.

Prices of manufacturing fell 2.7 percent annually in May. Prices for electricity, gas, steam and air conditioning supply, and water supply declined 24.4 percent and 9.0 percent, respectively.

Meanwhile, prices for mining and quarrying industry grew 4.6 percent.

The index was mainly affected by price decrease in electricity supply and fuel oils, Eveli Sokman, leading analyst at Statistics Estonia said.

"While in April, price decrease in the production of dairy products had a significant impact, in May, significant impact came from price increase in the same economic activity," Sokman said.

On a month-on-month basis, producer prices rose 0.1 percent in May, after a 0.3 percent fall in the preceding month.

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