RRCI2406
Over the year level of producer prices in industry fell by 3.3 %
Data of the Central Statistical Bureau show that in May 2024, compared to May 2023, the level of producer prices in Latvian industry decreased by 3.3 %. The level of prices of products sold on the domestic market reduced by 6.1 %, and prices of exported products by 0.5 %. Prices of products exported to euro area countries fell by 1.6 %, but level of prices of products exported to non-euro area countries rose by 0.4 %.
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.
In May 2024, compared to April, the level of producer prices in Latvian industry increased by 0.4 %. The level of prices of products sold on the domestic market went up by 0.4 %, and prices of exported products – by 0.3 %. Prices of products exported to euro area countries increased by 0.2 % and prices of products exported to non-euro area countries – by 0.3 %.
Price rise in trade and manufacture of electricity, gas supply, as well as manufacture of wood and of products of wood and cork (except furniture) had upward impact on the overall level of producer prices during the month. Heat supply had downward impact.
Producer price changes in May 2024
(as per cent)
| Price changes in May 2024 compared to | |
April 2024 | May 2023 | |
Industrial production, total | 0.4 | -3.3 |
Mining and quarrying | 0.9 | -2.8 |
Manufacturing | 0.2 | -0.9 |
Electricity, gas, steam and air conditioning supply | 1.1 | -14.0 |
Water supply; sewerage, waste management and remediation activities | 0.3 | 0.8 |
Products sold on the domestic market | 0.4 | -6.1 |
Mining and quarrying | -0.2 | -0.4 |
Manufacturing | 0.1 | -2.0 |
Electricity, gas, steam and air conditioning supply | 1.1 | -14.0 |
Water supply; sewerage, waste management and remediation activities | 0.2 | 1.5 |
Exported products | 0.3 | -0.5 |
Mining and quarrying | 1.5 | -4.2 |
Manufacturing | 0.2 | -0.3 |
Water supply; sewerage, waste management and remediation activities | 4.1 | -7.9 |
Information on producer price changes in industry in June 2024 will be published on July 19.
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.
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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