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Over the year, level of producer prices in industry rose by 31.5 %

Data of the Central Statistical Bureau show that in May 2022, compared to May 2021, the level of producer prices in Latvian industry increased by 31.5 %. The level of prices of products sold on the domestic market increased by 41.4 %, and prices of exported products – by 23.2 %. Prices of products exported to euro area countries rose by 26.7 %, prices of products exported to non-euro area countries – by 20.3 %.

The most significant impact on producer prices was made by the price rise in electricity, gas, steam and air conditioning supply; manufacture of wood and of products of wood and cork (except furniture); manufacture of food products; manufacture of fabricated metal products (except machinery and equipment), as well as manufacture of other non-metallic mineral products.

In May 2022, compared to April, the level of producer prices in Latvian industry increased by 3.9 %. The level of prices of products sold on the domestic market rose by 4.5 %, and prices of exported products – by 3.4 %. Producer prices of products exported to euro area countries increased by 3.9 % and prices of products exported to non-euro area countries – by 3.0 %.

Electricity, gas, steam and air conditioning supply; manufacture of wood and of products of wood and cork (except of furniture); manufacture of other non-metallic mineral products, as well as manufacture of selected food products had upward impact on the producer price changes.

Producer price changes in May 2022

(as per cent)

 

Weights

Price changes in May 2022 compared to

April 2022

May 2021

Industrial production, total

100.0

3.9

31.5

Mining and quarrying

2.3

1.4

20.8

Manufacturing

76.5

3.1

24.3

Electricity, gas, steam and air conditioning supply

17.9

8.7

75.1

Water supply; sewerage, waste management and remediation activities

3.3

-0.7

26.5

Products sold on the domestic market

100.0

4.5

41.4

Mining and quarrying

1.9

3.2

20.3

Manufacturing

53.8

2.5

26.8

Electricity, gas, steam and air conditioning supply

37.7

8.7

75.2

Water supply; sewerage, waste management and remediation activities

6.6

-0.8

22.7

Exported products

100.0

3.4

23.2

Mining and quarrying

2.7

0.3

20.7

Manufacturing

96.9

3.5

23.1

Electricity, gas, steam and air conditioning supply

0.1

.

.…

Water supply; sewerage, waste management and remediation activities

0.3

2.8

39.8

Information on producer price changes in industry in June 2022 will be published on July 21.

Methodological information

This year, information on producer prices in industry is provided by more than 600 enterprises. For the calculation of producer price index in industry also tariffs for selected services and enterprises approved by the Public Utilities Commission are used. About 2.4 thousand prices are used in calculations of the index, of which 1.3 thousand prices are on products and industrial services sold on the domestic market and 1.1 thousand prices – sold on exports markets.

. = Data not released for confidentiality reasons.

.... = Data missing.

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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