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Services Producer Price Index Quarter 1 2022

Services Producer Prices up 4.1% in the year to Quarter 1 2022

Online ISSN: 2009-5139
CSO statistical publication, , 11am

Key Findings

  • Services producer prices were on average 4.1% higher in Quarter 1 2022 compared with a year earlier.

  • The most notable changes in the year were: Air Transport (+29.8%), Sea & Coastal Transport (+21.5%), Warehousing, Storage & Cargo Handling (+16.4%), and Security & Investigation (+8.9%).

  • Services producer prices increased by 1.1% in the quarter. This compares with an increase of 1.5% recorded in Q4 2021.

  • The most notable quarterly price changes were: Security & Investigation (+13.7%), Sea & Coastal Transport (+9.8%), Warehousing, Storage & Cargo Handling (+9.6%) and Air Transport (-4.3%).

Statistician's Comment

Commenting on the release, Jillian Delaney, Statistician in the Prices Division, said "Services Prices charged to businesses in the first quarter of 2022 were on average 4.1% higher compared with the same quarter in 2021.  This comes after lower annual price changes during 2021 and brings annual services producer price inflation up to a level last seen in Quarter 4 2020.  See Figure 1.

Figure 2 shows the annual price changes for several NACE sectors in Q1 2022, while Figure 3 shows the contribution of each of these sectors towards the overall annual change in services producer prices.  Of this price increase, over half was due to the increased costs of Air Transport (2.1 percentage points of 4.1%), while each of Freight & Removal by Road and Legal, Accounting, PR & Business Consultancy accounted for a further 0.5 percentage point of the change.  See Figures 2 and 3. 

The Services Producer Price Index (SPPI) is an experimental release, with a limited sample of services covering a limited range of services sectors.  This means that changes in some of the sub-indices for services sectors are based on prices charged for a small number of services products.  This can result in high volatility (i.e. large changes in the values of the indices) which is not always representative of the wider sector.  The SPPI is currently being redeveloped, and this new SPPI will address these issues." 

Tables and Graphs

  

PeriodAnnual % change
Q1 20205.9
Q2 20205.1
Q3 20203.9
Q4 20204.1
Q1 2021-0.8
Q2 20210.1
Q3 20211.9
Q4 20212.6
Q1 20224.1
X-axis labelannual % change
Freight and Removal by Road 7.8
Sea and Coastal Transport21.5
Air Transport29.8
Warehousing, Storage and Cargo Handling16.4
Postal and Courier6.6
Computer Programming and Consultancy0.5
Legal, Accounting, PR and Business Consultancy3
Architecture, Engineering and Technical Testing3.8
Advertising, Media Rep. and Market Research0
Employment and Human Resource Activities7.6
Security and Investigation8.9
Industrial and Building Cleaning1.5
X-axis labelannual % change
Freight and Removal by Road 0.5
Sea and Coastal Transport0.16
Air Transport2.08
Warehousing, Storage and Cargo Handling0.11
Postal and Courier0.11
Computer Programming and Consultancy0.29
Legal, Accounting, PR and Business Consultancy0.47
Architecture, Engineering and Technical Testing0.16
Advertising, Media Rep. and Market Research0
Employment and Human Resource Activities0.18
Security and Investigation0.06
Industrial and Building Cleaning0.01
Show Table: Table 1 Services Producer Price Index (All Sectors)

Show Table: Table 2 Services Producer Price Index (2015 = 100)