Press Release

In July level of producer prices in industry rose by 0.1 %

Data of the Central Statistical Bureau (CSB) show that, compared to June, in July 2020 the level of producer prices in Latvian industry increased by 0.1 %. Prices of products sold on the domestic market rose by 0.7 %, while prices of exported products reduced by 0.5 %. Producer prices of products exported to euro area countries increased by 0.4 %, but prices of products exported to non-euro area countries decreased by 1.2 %.

Over the month, the most significant impact on producer prices was made by the price rise in production of electricity, gas supply and trade of electricity. Manufacture of wood and of products of wood and cork, except furniture, had downward impact on the producer price changes.

Producer price changes in July 2020 (as per cent)

 

Weights

Price changes in July 2020 compared to

June 2020

July 2019

Industrial production – total

100.0

0.1

-2.6

Mining and quarrying

2.6

0.1

-2.3

Manufacturing

76.7

-0.4

-1.4

Electricity, gas, steam and air conditioning supply

16.7

2.5

-8.1

Water supply; sewerage, waste management and remediation activities

4.0

0.3

-1.9

Products sold on the domestic market

100.0

0.7

-3.8

Mining and quarrying

2.0

0.3

-0.9

Manufacturing

55.8

-0.3

-1.7

Electricity, gas, steam and air conditioning supply

34.7

2.5

-8.1

Water supply; sewerage, waste management and remediation activities

7.5

0.1

0.7

Exported products

100.0

-0.5

-1.4

Mining and quarrying

3.2

-0.1

-3.1

Manufacturing

96.0

-0.5

-1.2

Water supply; sewerage, waste management and remediation activities

0.8

2.4

-19.2

In July 2020, compared to July 2019, the average level of producer prices in Latvian industry fell by 2.6 %. The level of prices of products sold on the domestic market reduced by 3.8 %, and prices of exported products decreased by 1.4 %. Prices of products exported to euro area countries fell by 1.6 %, but prices of products exported to non-euro area countries – by 1.3 %.

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 had upward effect on the producer prices.

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 August 2020 will be published on September 21.

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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