In May, the level of producer prices in industry decreased by 0.2 %

21.06.2016

Data compiled by the Central Statistical Bureau (CSB) show that compared to April, in May 2016 the level of producer prices in the Latvian industry decreased by 0.2 %. The level of prices of products sold on the domestic market decreased by 0.3 %, whereas for exported products it decreased by 0.1 %. The level of producer prices of exports to euro area countries dropped by 0.1 %, while it remained unchanged for exports to non-euro area countries.

During the month, the most notable price changes were caused by price reduction in electricity, gas and air conditioning supply, as well as in the manufacture of basic pharmaceutical products and pharmaceutical preparations.

Producer price changes in May 2016, %

 

Weights (%)

Price changes (%)

May 2016

compared to

April 2016

May 2015

Industrial production - total

100.0

-0.2

-3.3

 

Mining and quarrying

2.5

-0.5

2.3

 

Manufacturing

74.9

-0.2

-2.2

 

Electricity, gas, steam and air conditioning supply

19.4

-0.5

-8.3

 

Water supply; sewerage, waste management and remediation activities

3.2

2.3

-1.8

Products sold on the domestic market

100.0

-0.3

-4.2

 

Mining and quarrying

1.7

-1.4

-0.7

 

Manufacturing

55.3

-0.4

-1.8

 

Electricity, gas, steam and air conditioning supply

37.6

-0.5

-8.4

 

Water supply; sewerage, waste management and remediation activities

5.4

2.9

-0.7

Exported products

100.0

-0.1

-2.3

 

Mining and quarrying

3.3

0.0

4.3

 

Manufacturing

95.8

0.0

-2.4

 

Water supply; sewerage, waste management and remediation activities

0.9

-1.6

-9.0

In May 2016, compared to May 2015, the average level of producer prices fell by 3.3 %. The prices of goods sold on the domestic market dropped by 4.2 %, whereas the prices of exported products decreased by 2.3 %. The prices of products exported to euro area countries decreased by 1.9 %, and of products exported to non-euro area countries – by 2.5 %.

The most significant drop was recorded in the prices of electricity, gas, steam and air conditioning supply (of 1.6 percentage points), in the manufacture of food products (of 0.5 percentage points), and in the manufacture of wood and products of wood, except of furniture (of 0.4 percentage points).

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 CSB website section Key Indicators – Producer Prices.

Information on producer price changes in industry in June 2016 will be published on 21 July 2016.

 

Media requests:
Beate Danusēviča, Sanda Rieksta
Information and Communication Section
E-mail: media [at] csb [dot] gov [dot] lv
Phone: +371 67366924, +371 67366621, +371 27880666
https://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