Level of producer prices in industry grows 0.9% in July

Data by Latvia's Central Statistics Office show that, compared to June, in July 2018 the level of producer prices in Latvian industry rose 0.9%.

Prices of products sold on the domestic market went up 1.3% and prices of exported products 0.5%. The level of prices of products exported to euro area countries did not change and that of products exported to non-euro area countries rose by 0.9%.

Over the month, the most significant impact on producer prices was the price increase in manufacture of wood and of products of wood and cork, except furniture; trade of electricity; production of electricity; distribution of gaseous fuels through mains, as well as steam and air conditioning supplies.

Distribution of electricity and manufacture of basic pharmaceutical products and pharmaceutical preparations, in its turn, had downward effect.

Compared to July 2017, in July 2018 the average level of producer prices in Latvian industry increased by 4.8 %.

The prices of products sold on the domestic market rose 5.7% and that of exported products 3.9%. Prices of products exported to euro area countries grew 3.5% and prices of products exported to non-euro area countries 4.2%.

Prices rise in manufacture of wood and of products of wood and cork, except furniture, electricity, steam and air conditioning supply, as well as manufacture of food products had the greatest upward impact. Manufacture of electrical equipment as well as manufacture of chemicals and chemical products, in its turn, had the most notable downward effect.

This year, information on producer prices in industry is provided by more than 600 enterprises, which inform the CSB about approximately 2.6 thousand prices every month – 1.4 thousand of which are related to products and industrial services sold on the domestic market and 1.2 thousand relating to prices on the export markets, with the respective information being then used for index calculations.

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Economy
Economy