RRCI2402
Over the year level of producer prices in industry fell by 8.1 %
Data of the Central Statistical Bureau of Latvia show that in January 2024, compared to January 2023, the average level of producer prices in Latvian industry fell by 8.1 %. The level of prices of products sold on the domestic market decreased by 11.3 %, and prices of exported products by 4.9 %. Prices of products exported to euro area countries decreased by 5.8 % and of products exported to non-euro area countries by 4.2 %.
Price drop in electricity, gas, steam and air conditioning supply, as well as manufacture of wood and of products of wood and cork (except furniture) had downward impact on the level of producer prices during the year.
The data on December 2023 have been revised.
In January 2024, compared to December 2023, the level of producer prices in Latvian industry increased by 0.5 %. The level of prices of products sold on the domestic market increased by 1.0 %, but prices of exported products didn’t change. Both prices of products exported to euro area countries and prices of products exported to non-euro area countries remained unchanged.
Price rise in manufacture and trade of electricity; manufacture of wood and of products of wood and cork (except furniture), as well as in waste collection, treatment and disposal activities; materials recovery had upward impact on the overall level of producer prices during the month. Printing and reproduction of recorded media, as well as manufacture of other non-metallic mineral products had downward impact on the producer price changes.
Producer price changes in January 2024
(as per cent)
| Weights of 2023 as % | Weights of 2024 as % | Price changes in January 2024 compared to | |
December 2023 | January 2023 | |||
Industrial production, total | 100.0 | 100.0 | 0.5 | -8.1 |
Mining and quarrying | 2.3 | 2.5 | 0.1 | 0.3 |
Manufacturing | 72.2 | 75.2 | 0.1 | -5.8 |
Electricity, gas, steam and air conditioning supply | 22.1 | 18.1 | 1.5 | -20.6 |
Water supply; sewerage, waste management and remediation activities | 3.4 | 4.2 | 4.5 | 4.0 |
Products sold on the domestic market | 100.0 | 100.0 | 1.0 | -11.3 |
Mining and quarrying | 1.6 | 1.8 | 1.2 | 2.1 |
Manufacturing | 50.4 | 53.2 | 0.2 | -7.2 |
Electricity, gas, steam and air conditioning supply | 42.0 | 36.7 | 1.4 | -20.6 |
Water supply; sewerage, waste management and remediation activities | 6.0 | 8.3 | 4.7 | 4.9 |
Exported products | 100.0 | 100.0 | 0.0 | -4.9 |
Mining and quarrying | 3.0 | 3.1 | -0.5 | -0.8 |
Manufacturing | 96.2 | 96.5 | 0.0 | -5.0 |
Electricity, gas, steam and air conditioning supply | 0.2 | 0.1 | . | . |
Water supply; sewerage, waste management and remediation activities | 0.6 | 0.3 | 0.6 | -9.3 |
Information on producer price changes in industry in February 2024 will be published on March 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. More than 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 more than 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.
. = Data not released for confidentiality reasons.
Media requests:
Communication Section
E-mail: media@csp.gov.lv
Phone: +371 27880666
More information on data:
Baiba Alksnīte
Producer Price Indices Section
E-mail: Baiba.Alksnite@csp.gov.lv
Phone: +371 67366696
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