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Over the year level of producer prices in industry grew by 16.2 %

Data of the Central Statistical Bureau show that in March 2023, compared to March 2022, the level of producer prices in Latvian industry increased by 16.2 %. The level of prices of products sold on the domestic market went up by 26.0 % and that of exported products – by 6.4 %. Prices of products exported to euro area countries increased by 8.0 % and of products exported to non-euro area countries by 5.0 %.

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. Manufacture of chemicals and chemical products had downward effect.

In March 2023, compared to February 2023, the level of producer prices in Latvian industry decreased by 1.1 %. The level of prices of products sold on the domestic market fell by 2.0 % and prices of exported products – by 0.2 %. Producer prices of products exported to euro area countries decreased by 1.1 %, while prices of products exported to non-euro area countries rose by 0.6 %.

Drop of producer prices in electricity, gas, steam and air conditioning supply as well as manufacture of chemicals and chemical products had downward impact on the producer price changes.

Producer price changes in March 2023

(as per cent)

 

Weights

Price changes in March 2023 compared to

February 2023

March 2022

Industrial production – total

100.0

-1.1

16.2

Mining and quarrying

2.3

0.7

21.4

Manufacturing

72.2

-0.3

9.8

Electricity, gas, steam and air conditioning supply

22.1

-4.7

38.0

Water supply; sewerage, waste management and remediation activities

3.4

0.5

14.1

Products sold on the domestic market

100.0

-2.0

26.0

Mining and quarrying

1.6

-1.6

21.6

Manufacturing

50.4

-0.4

16.7

Electricity, gas, steam and air conditioning supply

42.0

-4.7

38.4

Water supply; sewerage, waste management and remediation activities

6.0

0.6

16.0

Exported products

100.0

-0.2

6.4

Mining and quarrying

3.0

2.0

21.1

Manufacturing

96.2

-0.2

6.2

Electricity, gas, steam and air conditioning supply

0.2

.

.

Water supply; sewerage, waste management and remediation activities

0.6

-0.1

-14.9

Information on producer price changes in industry in April 2023 will be published on May 23.

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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