Producer prices down 3.1% on year

In July 2016, Latvian producer prices dropped 3.1% on year, according to the data released by the Central Statistical Bureau Friday.

Yearly data

Yearly producer prices fell 3.7% for domestically sold goods and 2.5% for export goods.

For export goods sold in eurozone countries, producer prices declined 2% on year. Producer prices of export goods sold outside the eurozone went down 2.8%.

The most significant price reductions over the year were recorded in electricity, gas and heating supply as well as air conditioning (1.7%), food production (0.3%) and manufacture of timber and timber products, except furniture (0.2%).

Monthly data

Compared to June 2016, producer prices moved down 0.1% in July.

In July 2016, producer prices remained unchanged month-on-month for domestically sold goods and declined 0.3 percent for export goods. For goods sold in eurozone countries, producer prices went down 0.7 percent, while the prices of goods sold outside the eurozone were down 0.1 percent.

Price reductions in manufacture of computers, electronic and optical equipment as well as electricity generation left the most significant monthly impact on the Latvian producer prices in July.

This year information on producer prices in industry is provided by more than 620 enterprises, which for index calculations every month inform the CSB about approximately 2.8 thousand prices – 1.5 thousand of which regard products and industrial services sold on the domestic market, and 1.3 thousand regard prices on the export markets.

 

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