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Continued Moderation In Core Goods PPI

SWEDEN
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Swedish January PPI fell -2.3% Y/Y (vs -7.7% prior). The core goods components continued to moderate in January, an encouraging signal for continued disinflation in core goods CPI.

  • Capital goods PPI was 4.0% Y/Y (vs 5.0% prior) while consumer goods PPI fell to 1.5% Y/Y (vs 3.4% prior). In January, core goods CPI was 3.5% Y/Y (vs 4.0% prior).
  • While still in deflation, base effects relating to energy are fading (energy PPI was -10.9% Y/Y, vs -37.6% prior).
  • Elsewhere, the January trade balance in goods was SEK13.3bln. Relative to January 2023, the value of goods exports fell -3% while goods' import value fell -5%.
  • At 0800GMT/0900CET today, we get the February Economic Tendency Indicator. We will as usual be interested in the business pricing components to gauge underlying inflationary pressures.

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Swedish January PPI fell -2.3% Y/Y (vs -7.7% prior). The core goods components continued to moderate in January, an encouraging signal for continued disinflation in core goods CPI.

  • Capital goods PPI was 4.0% Y/Y (vs 5.0% prior) while consumer goods PPI fell to 1.5% Y/Y (vs 3.4% prior). In January, core goods CPI was 3.5% Y/Y (vs 4.0% prior).
  • While still in deflation, base effects relating to energy are fading (energy PPI was -10.9% Y/Y, vs -37.6% prior).
  • Elsewhere, the January trade balance in goods was SEK13.3bln. Relative to January 2023, the value of goods exports fell -3% while goods' import value fell -5%.
  • At 0800GMT/0900CET today, we get the February Economic Tendency Indicator. We will as usual be interested in the business pricing components to gauge underlying inflationary pressures.