Producer prices in industry still rising sharply

Data published by the Central Statistical Bureau of Latvia on September 21 show that in August 2022, compared to August 2021, level of producer prices in Latvian industry rose by 35.0 %.

The level of prices of products sold on the domestic market went up by an astonishing 61.6 % and that of exported products by 13.2 %. Prices of products exported to euro area countries increased by 16.8 % and of products exported to non-euro area countries by 10.2 %.

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

 

In August 2022, compared to July, the level of producer prices in Latvian industry increased by 4.1 %. Prices of products sold on the domestic market rose by 8.6 %, while prices of exported products reduced by 0.5 %. Producer prices of products exported to euro area countries increased by 0.7 %, but prices of products exported to non-euro area countries decreased by 1.6 %.

Producer price changes in August 2022 (as per cent)

 

Weights

Price changes in August 2022 compared to

July 2022

August 2021

Industrial production, total

100.0

4.1

35.0

Mining and quarrying

2.3

0.6

18.1

Manufacturing

76.5

0.6

17.4

Electricity, gas, steam and air conditioning supply

17.9

16.3

138.3

Water supply; sewerage, waste management and remediation activities

3.3

2.3

23.2

Products sold on the domestic market

100.0

8.6

61.6

Mining and quarrying

1.9

1.5

20.1

Manufacturing

53.8

2.8

26.2

Electricity, gas, steam and air conditioning supply

37.7

16.2

138.3

Water supply; sewerage, waste management and remediation activities

6.6

2.4

23.1

Exported products

100.0

-0.5

13.2

Mining and quarrying

2.7

-0.1

16.5

Manufacturing

96.9

-0.6

13.0

Electricity, gas, steam and air conditioning supply

0.1

.

Water supply; sewerage, waste management and remediation activities

0.3

0.2

5.1

 

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