On producer price changes in industry in May 2008

20.06.2008

Compared to April 2008, producer prices in Latvian industry in May 2008 increased by 1.3%, according to the data of Central Statistical Bureau of Latvia. Over the year (compared to May 2007) producer prices grew by 11.9%.

Producer price changes (in per cent)

May 2008 compared to

April 2008

May 2007

Industrial production, total
of which:

1.3

11.9

sold on the domestic market

0.9

17.4

exported

1.9

3.9

Compared to April, the overall level of producer prices in May 2008 was mostly influenced (by 0.6 and 0.5 percentage points, respectively) by the price increase in the manufacture of basic metals and by the increase of the tariffs of electricity, gas, steam and hot water supply. The price increase in the recycling increased the overall price level by 0.2 percentage points. However, most significantly the overall level of producer prices was lowered by the price decrease in the manufacture of wood and wood products (except furniture) – by 0.2 percentage points.

Over the year the increase of the tariffs of electricity, gas, steam and hot water supply and the price rise in the manufacture of food products and beverages left the biggest impact on the overall level of producer prices, increasing it by 4.7 and 4.4 percentage points, respectively. The price increase in the recycling increased the overall price level by 0.6 percentage points, in the manufacture of basic metals, as well as, in the manufacture of furniture; manufacturing n.e.c. – by 0.5 percentage points, in publishing, printing and reproduction of recorded media, as well as, in the manufacture of chemicals, chemical products and man-made fibres – by 0.4 percentage points in each economic activity. In the meantime, the greatest lowering impact (by 1.3 percentage points) was furthered by the price decrease in the manufacture of wood and wood products (except furniture).

Prepared by Price Statistics Department
Producer Price Indices Section
Tel. 67366813
Aleksandrs Gržibovskis