Analytics, Industry, Latvia, Statistics

During the month, changes in producer prices were mainly affected by a price increase in the distribution of electricity, which is related to the decision of the Public Utilities Commission to raise the tariffs of the electricity distribution system services starting with 1 August 2016.

In August 2016, compared to August 2015, the average level of producer prices fell by 2.0%. The prices of goods sold on the domestic market dropped by 2.4%, whereas the prices of exported products decreased by 1.6%. The prices of products exported to euro area countries decreased by 1.4% and of products exported to non-euro area countries – by 1.7%.

The biggest impact was caused by the drop in the prices of electricity production, gas, steam and air conditioning supply, in the manufacture of food products, and in the manufacture of wood and products of wood (except furniture). In turn, growth was recorded in the prices of distribution of electricity.

This year information on producer prices in industry is provided by more than 620 enterprises, which inform the CSB about approximately 2.8 thousand prices every month – 1.5 thousand of which are related to products and industrial services sold on the domestic market, and 1.3 thousand relating to prices on the export markets, with the respective information being then used for index calculations.

Producer price changes over the corresponding month of the previous year, as %