Press Release

In February, level of producer prices in industry fell by 0.3 %

Data of the Central Statistical Bureau (CSB) show that, compared to January, in February 2020 the level of producer prices in Latvian industry fell by 0.3 %. Prices of products sold on the domestic market reduced by 0.2 %, but prices of exported products – by 0.4 %. Prices of products exported to euro area countries decreased by 0.5 % and prices of products exported to non-euro area countries – by 0.3 %.

Over the month, the most significant impact on producer prices was made by the price drop in manufacture of wood and of products of wood and cork, except furniture. Manufacture of machinery and equipment n.e.c., as well as manufacture of selected food products had upward effect.

Producer price changes in February 2020
(as per cent)

 

Weights

Price changes in February 2020 compared to

January 2020

February 2019

Industrial production – total

100.0

-0.3

-1.9

Mining and quarrying

2.6

0.1

-0.2

Manufacturing

76.7

-0.4

-1.3

Electricity, gas, steam and air conditioning supply

16.7

-0.2

-4.9

Water supply; sewerage, waste management and remediation activities

4.0

0.1

-1.1

Products sold on the domestic market

100.0

-0.2

-2.4

Mining and quarrying

2.0

0.4

1.4

Manufacturing

55.8

-0.3

-1.5

Electricity, gas, steam and air conditioning supply

34.7

-0.2

-4.9

Water supply; sewerage, waste management and remediation activities

7.5

0.1

1.2

Exported products

100.0

-0.4

-1.4

Mining and quarrying

3.2

-0.1

-1.0

Manufacturing

96.0

-0.4

-1.3

Water supply; sewerage, waste management and remediation activities

0.8

-0.1

-16.2

 

In February 2020, compared to February 2019, the average level of producer prices in Latvian industry fell by 1.9 %. The level of prices of products sold on the domestic market has dropped by 2.4 %, and prices of exported products – by 1.4 %. Prices of products exported to euro area countries have decreased by 1.6 % and prices of products exported to non-euro area countries – by 1.3 %.

Manufacture of wood and of products of wood and cork, except furniture, had the most significant downward impact on the producer price changes during the year. Manufacture of selected food products had upward effect.

This year, information on producer prices in industry is provided by more than 600 enterprises, which inform the CSB about approximately 2.4 thousand prices every month – 1.3 thousand of which are related to products and industrial services sold on the domestic market and 1.1 thousand relating to prices on the export markets, with the respective information being then used for index calculations.

Information on producer price changes in industry on March 2020 will be published on 23 April.

 

Media requests:
Communication Section
E-mail:
media@csb.gov.lv
Phone: +371 67366989, +371 27880666

More information on data:
Avita Zandberga
Producer Price Indices Section
E-mail: Avita.Zandberga@csb.gov.lv
Phone: +371 67366617

 

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