RRCI2311
Over the year level of producer prices in industry fell by 9.0 %
Data of the Central Statistical Bureau of Latvia show that in October 2023, compared to October 2022, level of producer prices in Latvian industry fell by 9.0 %. The level of prices of products sold on the domestic market decreased by 13.1 %, and prices of exported products – by 4.9 %. Prices of products exported to euro area countries decreased by 5.2 % and of products exported to non-euro area countries by 4.8 %.
Price drop in heat and gas supply, trade and manufacture of electricity; manufacture of wood and of products of wood and cork (except furniture), as well as manufacture of chemicals and chemical products had downward impact on the level of producer prices during the year. Printing and reproduction of recorded media, as well as manufacture of beverages had upward impact on the producer price changes.
The data on September 2023 have been revised.
In October 2023, compared to September 2023, the level of producer prices in Latvian industry decreased by 1.6 %. The level of prices of products sold on the domestic market decreased by 2.5 %, and prices of exported products – by 0.8 %. Producer prices of products exported to euro area countries reduced by 0.5 % and prices of products exported to non-euro area countries – by 1.0 %.
Price drop in trade, distribution and manufacture of electricity, heat supply, as well as manufacture of wood and of products of wood and cork (except furniture) had downward impact on the overall level of producer prices during the month. Manufacture of computer, electronic and optical products as well as printing and reproduction of recorded media had upward impact on the producer price changes.
Producer price changes in October 2023
(as per cent)
| Price changes in October 2023 compared to | |
September 2023 | October 2022 | |
Industrial production, total | -1.6 | -9.0 |
Mining and quarrying | -0.3 | 6.3 |
Manufacturing | -0.7 | -5.5 |
Electricity, gas, steam and air conditioning supply | -6.1 | -26.5 |
Water supply; sewerage, waste management and remediation activities | 0.4 | 4.5 |
Products sold on the domestic market | -2.5 | -13.1 |
Mining and quarrying | -0.2 | 6.6 |
Manufacturing | -0.7 | -6.3 |
Electricity, gas, steam and air conditioning supply | -6.1 | -26.3 |
Water supply; sewerage, waste management and remediation activities | 0.4 | 6.6 |
Exported products | -0.8 | -4.9 |
Mining and quarrying | -0.4 | 6.1 |
Manufacturing | -0.8 | -5.0 |
Water supply; sewerage, waste management and remediation activities | 0.5 | -20.4 |
Information on producer price changes in industry in November 2023 will be published on December 21.
Methodological information
Producer price index in industry is an indicator characterizing industrial production price fluctuations over a set period.
The contribution of a given economic activity to the overall industrial producer price index (PPI) is assessed by calculating an impact. Economic activities having insignificant price changes but taking large share of the index can influence the overall PPI more than the products having little share but major price changes.
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.
More information on producer price index in industry is available in the official statistics portal section Reference metadata.
Media requests:
Communication Section
E-mail: media@csp.gov.lv
Phone: +371 2788066
More information on data:
Rita Brice
Producer Price Indices Section
E-mail: Rita.Brice@csp.gov.lv
Phone: +371 67366862
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