There were rather small changes for producer prices in November. Prices rose by 0.4% on the month but declined by 0.4% over the year. There were no consensus forecasts ahead of the figures.
The upturn on the month is mainly explained by rising prices for motor vehicles and other machinery, which also are the manufacturing sectors that currently have the strongest growth.
Price for consumption goods (domestic supply) were almost flat too, edging up by a modest 0.2% on the month as well as over the year. Food prices remained almost unchanged in November on the month.
The SEK strengthened vs the USD by around 1.5% but weakened as much vs. the EUR, according to the exchange rates used by Statistics Sweden.
All in all, producer prices and import prices are low, underlining that consumer inflation will remain low for a foreseeable future.
Details, producer prices November:
Producer prices m/m: 0.4% (prior -0.3%)
Producer prices y/y: -0.4% (prior -0.7%)
Domestic supply, consumption goods: 0.2% m/m (prior -0.6%)
Domestic supply, consumption goods: 0.2% y/y (prior 0.8%)
Nordea