The average level of producer prices in industry decreased by 0.8 % over the year

20.01.2017

According to data of the Central Statistical Bureau (CSB), in December 2016, compared to December 2015, the average level of producer prices fell by 0.8 %.Prices of products sold on the domestic market dropped by 1.1 %, whereas prices of exported products decreased by 0.6 %. Prices of products exported to euro area countries rose by 0.2 %, while prices of products exported to non-euro area countries dropped by 1 %. The most significant impact was caused by a drop in the prices of electricity, gas, steam and air conditioning supply, manufacture of beverages and manufacture of non-metallic mineral products. In turn, price growth was recorded in the manufacture of food products, waste collection and distribution of electricity.

In December 2016, compared to November, the level of producer prices in Latvian industry rose by 0.4 %.Prices of products sold on the domestic market increased by 0.7 %, whereas prices of exported products remained unchanged. The level of producer prices of exports to euro area countries grew by 0.2 %, while it remained at the same level for exports to non-euro area countries. During the month, changes in producer prices were mainly affected by a price increase in the manufacture of food products, as well as in steam and air conditioning supply and production of electricity.

Producer price changes in December 2016, as per cent

 

Weights (%)

Price changes (%)

December 2016

compared to

November 2016

December 2015

Industrial production – total

100.0

0.4

-0.8

 

Mining and quarrying

2.5

0.0

0.1

 

Manufacturing

74.9

0.3

0.1

 

Electricity, gas, steam and air conditioning supply

19.4

0.7

-5.8

 

Water supply; sewerage, waste management and remediation activities

3.2

0.6

5.5

Products sold on the domestic market

100.0

0.7

-1.1

 

Mining and quarrying

1.7

0.4

0.1

 

Manufacturing

55.3

0.8

1.3

 

Electricity, gas, steam and air conditioning supply

37.6

0.7

-5.8

 

Water supply; sewerage, waste management and remediation activities

5.4

0.4

6.9

Exported products

100.0

0.0

-0.6

 

Mining and quarrying

3.3

-0.2

0.2

 

Manufacturing

95.8

0.0

-0.5

 

Water supply; sewerage, waste management and remediation activities

0.9

2.0

-3.5


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

 

In 2016, the average 12-month level of producer prices in Latvian industry decreased by 2.4 %, compared to the average 12-month level of 2015. Prices of products sold on the domestic market dropped by 3.1 %, whereas prices of exported products decreased by 1.6 %. Prices of exports to euro area countries dropped by 1.2 % and prices of exports to non-euro area countries reduced by 1.8 %. The price drop was mainly affected by electricity, gas, steam and air conditioning supply, manufacture of wood and of products of wood and cork, except furniture, as well as manufacture of food products. The largest increase in prices was recorded in manufacture of wearing apparel and in other mining and quarrying.

In 2016, information on producer prices in industry was provided by more than 620 enterprises, which informed the CSB about approximately 2.8 thousand prices every month – 1.5 thousand of which were 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 January 2017 will be published on 21 February.

 

 

Media requests:
Sanda Rieksta
Information and Communication Section
E-mail: media [at] csb [dot] gov [dot] lv
Phone: +371 67366924, +371 27880666
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More information on data:
Rita Brice
Producer Price Indices Section
E-mail: rita [dot] brice [at] csb [dot] gov [dot] lv
Phone: +371 67366862