In August, the level of producer prices in industry increased by 0.6 %

21.09.2016

Data compiled by the Central Statistical Bureau (CSB) show that, compared to July, in August 2016 the level of producer prices in Latvian industry increased by 0.6 %.The level of prices of products sold on the domestic market increased by 0.9 %, whereas the prices of exported products rose by 0.2 %. The level of producer prices of exports to euro area countries increased by 0.4 %, and the level of prices of exports to non-euro area countries grew by 0.2 %.

During the month, changes in producer prices were mainly affected by a price increase in the distribution of electricity, which is related to the decision of the Public Utilities Commission to raise the tariffs of the electricity distribution system services starting with 1 August 2016.

Producer price changes in August 2016, as per cent

 

Weights (%)

Price changes (%)

August 2016

compared to

July 2016

August 2015

Industrial production – total

100.0

0.6

-2.0

 

Mining and quarrying

2.5

0.2

1.7

 

Manufacturing

74.9

-0.1

-1.5

 

Electricity, gas, steam and air conditioning supply

19.4

3.3

-4.8

 

Water supply; sewerage, waste management and remediation activities

3.2

0.0

1.1

Products sold on the domestic market

100.0

0.9

-2.4

 

Mining and quarrying

1.7

-0.3

-1.9

 

Manufacturing

55.3

-0.5

-1.2

 

Electricity, gas, steam and air conditioning supply

37.6

3.3

-4.9

 

Water supply; sewerage, waste management and remediation activities

5.4

0.0

3.1

Exported products

100.0

0.2

-1.6

 

Mining and quarrying

3.3

0.4

3.8

 

Manufacturing

95.8

0.2

-1.7

 

Water supply; sewerage, waste management and remediation activities

0.9

0.1

-11.9

In August 2016, compared to August 2015, the average level of producer prices fell by 2.0 %. The prices of goods sold on the domestic market dropped by 2.4 %, whereas the prices of exported products decreased by 1.6 %. The prices of products exported to euro area countries decreased by 1.4 % and of products exported to non-euro area countries – by 1.7 %.

The biggest impact was caused by the drop in the prices of electricity production, gas, steam and air conditioning supply, in the manufacture of food products, and in the manufacture of wood and products of wood (except furniture). In turn, growth was recorded in the prices of distribution of electricity.

Producer price changes over the corresponding month of the previous year, as per cent

  

This year information on producer prices in industry is provided by more than 620 enterprises, which inform the CSB about approximately 2.8 thousand prices every month – 1.5 thousand of which are related to products and industrial services sold on the domestic market, and 1.3 thousand relating to prices on the export markets, with the respective information being then used for index calculations.

More information on producer price changes is available in the Producer Prices – Key Indicators section of the CSB website.

Information on producer price changes in industry in September 2016 will be published on 21 October 2016.

 

Media requests:
Beate Danusēviča
Information and Communication Section
E-mail: media [at] csb [dot] gov [dot] lv
Phone: + 371 67366924, + 371 67366621, + 371 27880666
www.csb.gov.lv
www.twitter.com/CSB_Latvia
www.facebook.com/csplatvija

 

More information on data:
Rita Brice
Producer Price Indices Section
E-mail: rita [dot] brice [at] csb [dot] gov [dot] lv
Phone: +371 67366862