Producer prices in June up by 3.8% in Latvia

Data of the Central Statistical Bureau (CSB) published July 21 show that, compared to May, in June 2021 level of producer prices in the Latvian industry raised by 3.8%. 

Prices of products sold on the domestic market increased by 3.0%, and prices of exported products - by 4.4%. Prices of products exported to euro area countries rose by 4.0%, whereas prices of products exported to non-euro area countries – by 4.8%.

The most significant upward impact on producer price changes was made by the price increase in the manufacture of wood and of products of wood and cork (except furniture), electricity, gas supply, steam and air conditioning supply, manufacture of fabricated metal products (except machinery and equipment) and manufacture of selected food products. A downward impact on producer price changes was made by the drop in producer prices of manufacture of beverages.

Compared to June 2020, in June 2021 the average level of producer prices in Latvian industry increased by 12.4 %. Prices of products sold on the domestic market increased by 9.4 %, and prices of exported products - by 15.0 %. Prices of products exported to euro area countries rose by 15.8 %, whereas prices of products exported to non-euro area countries - by 14.4 %.

Price increase in manufacture of wood and of products of wood and cork (except furniture), trade and manufacture of electricity, waste collection, treatment and disposal activities; materials recovery had the most significant upward impact on the producer price changes. Manufacture of computer, electronic and optical products, in turn, had a downward effect.

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