Over the year level of producer prices in industry grew by 22.0 %
Data of the Central Statistical Bureau show that in February 2023, compared to February 2022, the level of producer prices in Latvian industry increased by 22.0 %. The level of prices of products sold on the domestic market went up by 36.0 % and that of exported products – by 8.8 %. Prices of products exported to euro area countries increased by 11.2 % and of products exported to non-euro area countries by 6.8 %.
The price rise in electricity, gas, steam and air conditioning supply; manufacture of food products; manufacture of wood and of products of wood and cork (except furniture), as well as manufacture of other non-metallic mineral products had the most significant impact on the producer prices.
In February 2023, compared to January 2023, the level of producer prices in Latvian industry decreased by 0.7 %. The level of prices of products sold on the domestic market fell by 1.1 % and prices of exported products – by 0.4 %. The level of producer prices of products exported to euro area countries went up by 0.2 %, while that of products exported to non-euro area countries fell by 0.9 %.
Manufacture of wood and of products of wood and cork (except furniture), as well as gas, steam supply and manufacture of electricity had downward impact on the producer price changes. Mining and quarrying, as well as repair and installation of machinery and equipment had upward impact on the producer price changes.
Producer price changes in February 2023
(as per cent)
| Weights | Price changes in February 2023 compared to | |
January 2023 | February 2022 | ||
Industrial production, total | 100.0 | -0.7 | 22.0 |
Mining and quarrying | 2.3 | 2.1 | 21.4 |
Manufacturing | 72.2 | -1.0 | 12.7 |
Electricity, gas, steam and air conditioning supply | 22.1 | -0.5 | 60.4 |
Water supply; sewerage, waste management and remediation activities | 3.4 | 1.3 | 17.2 |
Products sold on the domestic market | 100.0 | -1.1 | 36.0 |
Mining and quarrying | 1.6 | 1.1 | 24.2 |
Manufacturing | 50.4 | -1.8 | 20.8 |
Electricity, gas, steam and air conditioning supply | 42.0 | -0.5 | 60.7 |
Water supply; sewerage, waste management and remediation activities | 6.0 | 1.1 | 19.2 |
Exported products | 100.0 | -0.4 | 8.8 |
Mining and quarrying | 3.0 | 2.7 | 19.6 |
Manufacturing | 96.2 | -0.5 | 8.6 |
Electricity, gas, steam and air conditioning supply | 0.2 | . | . |
Water supply; sewerage, waste management and remediation activities | 0.6 | 4.0 | -14.0 |
Information on producer price changes in industry in March 2023 will be published on April 25.
Methodological information
This year information on producer prices in industry is provided by more than 600 enterprises. Producer price index in industry is calculated by using also tariffs on selected services and enterprises approved by the Public Utilities Commission. About 2.5 thousand prices are used in calculations of the index, of which about 1.4 thousand prices of products and industrial services sold on the domestic market and 1.1 thousand prices of products and industrial services sold on exports markets.
. data not released for confidentiality reasons.
Media requests:
Communication Section
E-mail: media@csp.gov.lv
Phone: +371 27880666
More information on data:
Rita Brice
Producer Price Indices Section
E-mail: Rita.Brice@csp.gov.lv
Phone: +371 67366862
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