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Financial News: Estonia Producer Prices Rise Sharply In May

Estonia Producer Prices Rise Sharply In May

06/20/2022 - 02:30:00 (RTTNews)

(RTTNews) - Estonia's producer prices continued to increase sharply in May, mainly due to rising prices for electricity and heat energy production, figures from Statistics Estonia showed on Monday.

The producer price index surged 33.7 percent year-over-year in May, following a 31.8 percent rise in the previous month.

"The index was primarily influenced by price increases in electricity and heat energy production and in the manufacture of wood and wood products, food products and fabricated metal products," Germo Valgenberg, leading analyst at Statistics Estonia, said.

On a monthly basis, producer prices gained 3.1 percent.

Data also showed that import prices climbed 2.5 percent monthly and 30.1 percent yearly in May.

Export prices also rose 3.3 percent monthly in May and increased 27.7 percent from a year ago.

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