Producer prices jumped 31% in Latvia

Data published on June 21 by the Central Statistical Bureau show that in May 2022, compared to May 2021, the level of producer prices in the 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 the production of 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 the manufacture of other non-metallic mineral products.

In May 2022, compared to April, the level of producer prices in the 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 the manufacture of selected food products had an upward impact on the producer price changes.

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