Over a year level of producer prices in industry increased by 3.1 %

22.01.2018

Data of the Central Statistical Bureau (CSB) show that, compared to December 2016, in December 2017 the level of producer prices in Latvian industry rose by 3.1 %. Prices of products sold on the domestic market rose by 3.0 %, while prices of exported products went up by 3.3 %. Prices of products exported to euro area countries grew by 3.8 %, whereas prices of products exported to non-euro area countries rose by 2.9 %. The most significant impact was made by the price increase in manufacture of wood and of products of wood and cork, except furniture and of food products, as well as in waste collection, treatment and disposal activities; materials recovery. Manufacture of computer, electronic and optical products, manufacture of chemicals and chemical products as well as production of electricity had the largest downward effect.

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

 

In December2017, compared to November, the level of producer prices in Latvian industry increased by 0.2 %. The level of prices both of products sold on the domestic market and of exported products rose by 0.2 %. Prices of products exported to euro area countries remained the same, whereas prices of products exported to non-euro area countries rose by 0.3 %. Over a month changes of producer prices were mostly affected by price rise of wood and of products of wood and cork, except furniture and in the manufacture of fabricated metal products, except machinery and equipment. Price changes in mining and quarrying, manufacture of chemicals and chemical products, as well as printing and reproduction of recorded media, in turn, had lowering effect.

Producer price changes in December 2017
(as per cent)

 

Weights

Price changes in December 2017 compared to

November 2017

December 2016

All industrial production

100.0

0.2

3.1

Mining and quarrying

2.6

-0.8

-0.3

Manufacturing

78.1

0.3

3.8

Electricity, gas, steam and air conditioning supply

15.3

-0.1

-0.5

Water supply; sewerage, waste management and remediation activities

4.0

0.1

6.7

Products sold on the domestic market

100.0

0.2

3.0

Mining and quarrying

1.9

-0.5

1.1

Manufacturing

59.4

0.4

4.6

Electricity, gas, steam and air conditioning supply

31.5

-0.1

-0.5

Water supply; sewerage, waste management and remediation activities

7.2

0.0

5.8

Exported products

100.0

0.2

3.3

Mining and quarrying

3.3

-1.0

-1.0

Manufacturing

95.7

0.2

3.3

Water supply; sewerage, waste management and remediation activities

1.0

0.7

12.9

 

In 2017, the average 12-month level of producer prices in Latvian industry increased by 2.6 %, compared to the average 12-month level of 2016. Prices of products sold on the domestic market rose by 2.6 %, of exported products – by 2.7 %, of which prices of exports to euro area countries grew by 3.2 %, of exports to non-euro area countries – by 2.3 %. The price rise was mainly affected by manufacture of food products and manufacture of wood and of products of wood and cork, except furniture. The largest drop in prices was recorded in electricity production and trade, as well as in manufacture of computer, electronic and optical products.

In 2017, information on producer prices in industry was provided by more than 610 enterprises, which informed the CSB about approximately 2.6 thousand prices every month – 1.4 thousand of which were related to products and industrial services sold on the domestic market, and 1.2 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 2018 will be published on 21 February 2018.

 

Media requests:
Sanda Rieksta
Information and Communication Section
E-mail: media [at] csb [dot] gov [dot] lv
Tel.: +371 67366621, +371 27880666

 

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