Analytics, Industry, Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Monday, 16.09.2019, 03:51

Latvia: In July, level of producer prices in industry dropped by 0.2%

Rita Brice Producer Price Indices Section, 21.08.2019.Print version
Data of the Central Statistical Bureau (CSB) show that, compared to June, in July 2019 level of producer prices in Latvian industry fell by 0.2%.

Prices of goods sold on the domestic market reduced by 0.3%, whereas prices of exported products did not change. Prices of products exported to euro area countries fell by 0.5%, while prices of products exported to non-euro area countries rose by 0.3%.


Drop in the prices in manufacture of wood and of products of wood and cork, except furniture, gas and heat supply, as well as trade and production of electricity had the strongest downward influence on producer prices over the month. Manufacture of basic pharmaceutical products and pharmaceutical preparations, in turn, had upward effect.


Producer price changes in July 2019
(as per cent)

 

Weights

Price changes in July 2019, compared to

June 2019

July 2018

Industrial production – total

100.0

-0.2

1.5

Mining and quarrying

2.6

0.0

1.6

Manufacturing

77.4

0.0

0.1

Electricity, gas, steam and air conditioning supply

16.1

-0.8

7.2

Water supply; sewerage, waste management and remediation activities

3.9

0.1

4.1

Products sold on the domestic market

100.0

-0.3

4.1

Mining and quarrying

1.9

-0.7

3.0

Manufacturing

57.2

-0.1

2.1

Electricity, gas, steam and air conditioning supply

33.9

-0.8

7.2

Water supply; sewerage, waste management and remediation activities

7.0

0.2

5.8

Exported products

100.0

0.0

-1.0

Mining and quarrying

3.2

0.3

0.9

Manufacturing

95.7

0.0

-1.0

Water supply; sewerage, waste management and remediation activities

1.1

0.0

-5.2


Compared to July 2018, in July 2019 the average level of producer prices in Latvian industry increased by 1.5%. Prices of products sold on the domestic market rose by 4.1%, while prices of exported products fell by 1.0%. Prices of products exported to euro area countries dropped by 0.2% and of products exported to non-euro area countries by 1.6%.


Production of electricity, heat supply, trade and distribution of electricity, as well as manufacture of selected food products had the most significant upward influence on the producer price changes during the year. Manufacture of wood and of products of wood and cork, except furniture, in turn, had the most significant downward influence.




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.






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