Producer prices, which started rising on-month already last spring, have since seen an acceleration in the increase. November producer prices were up 1.5 % m-o-m. The on-year deflation trend ended this autumn, and producer price inflation reached 3.3 % y-o-y growth in November. Most of the increase in producer prices reflects higher prices in mineral extraction industries and other commodities. Consumer price inflation rose slightly in November to 2.3 % y-o-y.
There were few surprises in November's real economy indicators. Industrial output continued to grow at 6 % y-o-y, while real growth of retail sales remained at 9 %. Real growth of fixed investment was about 8 %. Private sector investment has revived since summer.