Press Release

In May level of producer prices in industry reduced by 0.8 %

Data of the Central Statistical Bureau (CSB) show that, compared to April, in May 2020 level of producer prices in Latvian industry fell by 0.8 %. Prices of products sold on the domestic market dropped by 1.2 % and prices of exported products by 0.5 %. Prices of products exported to euro area countries fell by 1.2 %, whereas prices of products exported to non-euro area countries rose by 0.1 %.

Over the month, the most significant impact on producer prices was made by the price drop in electricity, gas, steam and air conditioning supply, as well as manufacture of selected food products. Manufacture of basic pharmaceutical products and pharmaceutical preparations, in its turn, had upward effect on the producer prices.

Producer price changes in May 2020
(as per cent)

 

Weights

Price changes in May 2020 (%), compared to:

April 2020

May 2019

Industrial production – total

100.0

-0.8

-2.4

Mining and quarrying

2.6

0.6

-1.6

Manufacturing

76.7

-0.6

-1.5

Electricity, gas, steam and air conditioning supply

16.7

-2.2

-6.7

Water supply; sewerage, waste management and remediation activities

4.0

-1.3

-2.3

Products sold on the domestic market

100.0

-1.2

-3.2

Mining and quarrying

2.0

0.1

-2.2

Manufacturing

55.8

-0.6

-1.6

Electricity, gas, steam and air conditioning supply

34.7

-2.2

-6.7

Water supply; sewerage, waste management and remediation activities

7.5

-1.4

0.2

Exported products

100.0

-0.5

-1.6

Mining and quarrying

3.2

0.8

-1.2

Manufacturing

96.0

-0.5

-1.4

Water supply; sewerage, waste management and remediation activities

0.8

-0.8

-19.4

In May 2020, compared to May 2019, the average level of producer prices in Latvian industry fell by 2.4 %. Prices of products sold on the domestic market dropped by 3.2 % and prices of exported products by 1.6 %. Prices of products exported to euro area countries declined by 3.0 % and of products exported to non-euro area countries by 0.4 %.

Manufacture of wood and of products of wood and cork, except furniture, as well as electricity, gas, steam and air conditioning supply had the most significant downward impact on the producer price changes during the year. Manufacture of computer, electronic and optical products, as well as manufacture of selected food products, in turn, had upward effect.

This year, information on producer prices in industry is provided by more than 600 enterprises which inform 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 to prices on the export markets, with the respective information being then used for index calculations.

Information on producer price changes in industry in June 2020 will be published on 21 July.

Report on producer prices in industry in May was provided by 98.6 % of enterprises. Compared to April, the total number of imputations has increased by 1 %. General producer price index in industry meets the quality requirements set and may be considered to be reliable.

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

More information on data:
Rita Brice
Producer Price Indices Section
E-mail: Rita.Brice@csb.gov.lv
Phone: +371 67366862

 

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