Press Release

In June level of producer prices in industry reduced by 0.1 %

Data of the Central Statistical Bureau (CSB) show that, compared to May, in June 2020 the level of producer prices in Latvian industry decreased by 0.1 %. Prices of products sold on the domestic market did not change, but prices of exported products reduced by 0.1 %. Both prices of products exported to euro area countries and prices of products exported to non-euro area countries reduced by 0.1 %.

Over the month, the most significant impact on producer prices was made by the price drop in manufacture of selected food products and manufacture of computer, electronic and optical products. Repair and installation of machinery and equipment, manufacture of wood and of products of wood and cork, except furniture, as well as gas supply and trade of electricity had upward effect on the producer prices.

Producer price changes in June 2020
(as per cent)

 

Weights

Price changes in June 2020 compared to

May 2020

June 2019

Industrial production – total

100.0

-0.1

-2.8

Mining and quarrying

2.6

-0.9

-2.4

Manufacturing

76.7

-0.1

-1.0

Electricity, gas, steam and air conditioning supply

16.7

0.4

-11.0

Water supply; sewerage, waste management and remediation activities

4.0

-0.2

-2.1

Products sold on the domestic market

100.0

0.0

-4.7

Mining and quarrying

2.0

0.4

-1.9

Manufacturing

55.8

-0.3

-1.5

Electricity, gas, steam and air conditioning supply

34.7

0.4

-11.0

Water supply; sewerage, waste management and remediation activities

7.5

0.1

0.7

Exported products

100.0

-0.1

-1.0

Mining and quarrying

3.2

-1.6

-2.8

Manufacturing

96.0

0.0

-0.7

Water supply; sewerage, waste management and remediation activities

0.8

-2.6

-21.1

 

In June 2020, compared to June 2019, the average level of producer prices in Latvian industry fell by 2.8 %. The level of prices of products sold on the domestic market reduced by 4.7 %, and prices of exported products decreased by 1.0 %. Prices of products exported to euro area countries fell by 2.5 %, but prices of products exported to non-euro area countries – increased by 0.3 %.

Electricity, gas, steam and air conditioning supply, as well as 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. Repair and installation of machinery and equipment, manufacture of basic pharmaceutical products and pharmaceutical preparations, in turn, 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 July 2020 will be published on August 21.

Report on producer prices in industry in June was provided by 99.0 % of enterprises. Compared to May, the total number of imputations has decreased by 1.8 %. General producer price index in industry corresponds to quality requirements and is considered to be reliable.

 

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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