RRCI2408
Level of producer prices in industry reduced by 2.9 % over the year
Central Statistical Bureau data show that in July 2024, compared to July 2023, level of producer prices in Latvian industry reduced by 2.9 %. Prices of products sold on the domestic market fell by 5.3 % and of exported products by 0.6 %. Prices of products exported to euro area countries went down by 1.5 % and of products exported to non-euro area countries did not change.
Declining prices in electricity, gas, steam and air conditioning supply as well as in manufacture of wood and of products of wood and cork (except furniture) had the most significant downward impact on the level of producer prices.
In July 2024, compared June 2024, level of producer prices in Latvian industry reduced by 0.2 %. The level of prices of products sold on the domestic market fell by 0.1 % and prices of exported products by 0.2 %. Producer prices of products exported to euro area countries dropped by 0.5 % while of products exported to non-euro area countries rose by 0.1 %.
Reduced prices in manufacture of chemicals and chemical products as well as in manufacture of wood and of products of wood and cork (except furniture) had the greatest downward impact on producer prices over the month. However, increased prices in manufacture of other non-metallic mineral products – upward.
Producer price changes in July 2024
(per cent)
| Price changes in July 2024, compared to | |
June 2024 | July 2023 | |
Industrial production, total | -0.2 | -2.9 |
Mining and quarrying | -0.2 | -3.3 |
Manufacturing | -0.2 | -0.9 |
Electricity, gas, steam and air conditioning supply | -0.2 | -13.0 |
Water supply; sewerage, waste management and remediation activities | 0.3 | 5.3 |
Products sold on the domestic market | -0.1 | -5.3 |
Mining and quarrying | 0.8 | 0.0 |
Manufacturing | -0.1 | -1.7 |
Electricity, gas, steam and air conditioning supply | -0.2 | -13.0 |
Water supply; sewerage, waste management and remediation activities | 0.2 | 5.6 |
Exported products | -0.2 | -0.6 |
Mining and quarrying | -0.7 | -5.2 |
Manufacturing | -0.2 | -0.5 |
Water supply; sewerage, waste management and remediation activities | 2.7 | 4.4 |
Information on producer price changes in industry in August 2024 will be published on 20 September.
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 Reference metadata section.
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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