Services producer prices were on average 1.7% higher in Quarter 2 2023 when compared with the same period in 2022. (See Table 1 Figure 1).
The most notable changes in the 12 months to Q2 2022 were: Air Transport (+16.3%), Employment & Human Resource Activities (+10.5%), Sea & Coastal Transport (-19.6%), and Security & Investigation (-7.0%). (See Table 2 Figure 2).
Services producer prices increased by 0.1 % in the quarter, which compares with the increase of 1.1% recorded in Q1 2023. (See Table 1).
The most notable quarterly price changes were: Industrial & Building Cleaning (+3.1%), Air Transport (+1.8%), and Sea & Coastal Transport (-3.0%). (See Table 2).
It is worth noting that 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 the updated SPPI series will address these issues. See Services Producer Prices Redevelopment - Information Page."
Figure 1 presents the annual change for the Services Producer Price Index (SPPI) from Quarter 2 (Q2) 2021 through to Q2 2023.
| Period | Annual % change |
|---|---|
| Q2 2021 | 0.1 |
| Q3 2021 | 1.9 |
| Q4 2021 | 2.6 |
| Q1 2022 | 4.1 |
| Q2 2022 | 4 |
| Q3 2022 | 3.5 |
| Q4 2022 | 2.3 |
| Q1 2023 | 2.3 |
| Q2 2023 | 1.7 |
Figure 2 shows the annual price changes for several NACE sectors in Q2 2023, while Figure 3 shows the contribution of each of these sectors towards the overall annual change in services producer prices.
| X-axis label | Annual % change |
|---|---|
| Freight and Removal by Road | -0.5 |
| Sea and Coastal Transport | -19.6 |
| Air Transport | 16.3 |
| Warehousing, Storage and Cargo Handling | 2.6 |
| Postal and Courier | 2 |
| Computer Programming and Consultancy | 0 |
| Legal, Accounting, PR and Business Consultancy | 1.5 |
| Architecture, Engineering and Technical Testing | 3.6 |
| Advertising, Media Rep. and Market Research | 0 |
| Employment and Human Resource Activities | 10.5 |
| Security and Investigation | -7 |
| Industrial and Building Cleaning | 3.6 |
| X-axis label | Annual % change |
|---|---|
| Freight and Removal by Road | 10.1 |
| Sea and Coastal Transport | 23.1 |
| Air Transport | 24.8 |
| Warehousing, Storage and Cargo Handling | 17 |
| Postal and Courier | 16.4 |
| Computer Programming and Consultancy | 0.7 |
| Legal, Accounting, PR and Business Consultancy | 3 |
| Architecture, Engineering and Technical Testing | -0.5 |
| Advertising, Media Rep. and Market Research | 0 |
| Employment and Human Resource Activities | 7.2 |
| Security and Investigation | 8.9 |
| Industrial and Building Cleaning | 4.8 |
| X-axis label | Annual % Contribution |
|---|---|
| Freight and Removal by Road | -0.01 |
| Sea and Coastal Transport | -0.16 |
| Air Transport | 1.21 |
| Warehousing, Storage and Cargo Handling | 0.02 |
| Postal and Courier | 0.03 |
| Computer Programming and Consultancy | 0 |
| Legal, Accounting, PR and Business Consultancy | 0.25 |
| Architecture, Engineering and Technical Testing | 0.16 |
| Advertising, Media Rep. and Market Research | 0 |
| Employment and Human Resource Activities | 0.26 |
| Security and Investigation | -0.05 |
| Industrial and Building Cleaning | 0.03 |
| X-axis label | Annual % change |
|---|---|
| Freight and Removal by Road | 0.31 |
| Sea and Coastal Transport | 0.19 |
| Air Transport | 1.88 |
| Warehousing, Storage and Cargo Handling | 0.12 |
| Postal and Courier | 0.27 |
| Computer Programming and Consultancy | 0.39 |
| Legal, Accounting, PR and Business Consultancy | 0.46 |
| Architecture, Engineering and Technical Testing | -0.2 |
| Advertising, Media Rep. and Market Research | 0 |
| Employment and Human Resource Activities | 0.17 |
| Security and Investigation | 0.06 |
| Industrial and Building Cleaning | 0.04 |
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Statistician's Comment
The Central Statistics Office (CSO) has today (15 September 2023) released Services Producer Price Index Quarter 2 (Q2) 2023.
Commenting on the release, Mary Heanue, Statistician in the Prices Division, said: "Services Prices charged to businesses in April, May and June (Q2) 2023 were on average 1.7% higher when compared with the same quarter in 2022. (See Table 1 Figure 1). This compares with an annual change of 2.3% in Quarter 1 2023. (See Table 1).
Almost three-quarters of the annual price change for services producer prices observed in the year to Q2 2023 was due to the increased costs of Air Transport (1.2 percentage points of 1.7%).” (See Figure 3 and Table 3).