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Producer prices in Latvia’s industry grow 5.4%

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Compared to December 2017, the level of producer prices in Latvian industry rose by 5.4 % in December 2018. Prices of goods sold on the domestic market grew by 7.3 % and prices of exported products by 3.7 %. Prices of both products exported to euro area countries and products exported to non-euro area countries went up by 3.7 %.


Manufacture of wood and of products of wood and cork, except furniture, trade and production of electricity, steam and air conditioning supply, as well as distribution of gaseous fuels through mains had the most significant upward influence on the producer prices. Manufacture of electrical equipment, in turn, had the largest downward influence, according to data from the Central Statistical Bureau of Latvia.
 

Compared to November, the overall level of producer prices in Latvian industry increased by 0.3 % in December 2018. Prices of products sold on the domestic market went up by 0.6 %, while prices of exported products did not change. Prices of products exported to euro area countries fell by 0.2 %, whereas prices of products exported to non-euro area countries rose by 0.1 %.
 

Over the month, producer price changes were mainly influenced by the rise in prices of steam and air conditioning supply as well as production and trade of electricity. Manufacture of fabricated metal products, except machinery and equipment, in turn, had downward effect.
 

Compared to that recorded in 12 months of 2017, in the 12 months of 2018 the average level of producer prices in Latvian industry increased by 4.5 %. Prices of products sold on the domestic market rose by 5.5 % and of exported products by 3.6 %, incl., of those exported to euro area countries by 3.7 % and those exported to non-euro area countries by 3.4 %. Manufacture of wood and of products of wood and cork, except furniture, had the most significant upward influence on the producer price level. Manufacture of chemicals and chemical products as well as manufacture of electrical equipment had the most notable downward effect.
 

In 2018, information on producer prices in industry is provided by more than 600 enterprises which inform the CSB about approximately 2.6 thousand prices every month – 1.4 thousand of which are related to products and industrial services sold on the domestic market and 1.2 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 January 2019 will be published on 22 February 2019.

BNN

23-01-2019
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