Producer prices rose by more than a quarter on year in Latvia

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Data pulished by the Central Statistical Bureau (CSB) March 21 show that in February 2022, compared to February 2021, the level of producer prices in Latvian industry increased by more than one quarter – 25.6 %.

The level of prices of products sold on the domestic market increased by 33.2 %, and prices of exported products – by 19.0 %. Prices of products exported to euro area countries rose by 23.2 %, prices of products exported to non-euro area countries – by 15.5 %.

"The most significant impact on producer prices was made by the price rise in 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, as well as waste collection, treatment and disposal activities, materials recovery," said the CSB.

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However, in February 2022, compared to January, the level of producer prices in Latvian industry remained the same. Prices of products sold on the domestic market fell by 0.2 %, but prices of exported products grew by 0.2 %. Producer prices of products exported to euro area countries increased by 0.8 %, but prices of products exported to non-euro area countries decreased by 0.3 %.

Producer price changes in February 2022 (%)

 

Weights

Price changes in February 2022 compared to

January 2022

February 2021

Industrial production – total

100.0

0.0

25.6

Mining and quarrying

2.3

0.2

15.9

Manufacturing

76.5

0.7

19.2

Electricity, gas, steam and air conditioning supply

17.9

-3.2

60.1

Water supply; sewerage, waste management and remediation activities

3.3

0.8

29.4

Products sold on the domestic market

100.0

-0.2

33.2

Mining and quarrying

1.9

0.4

11.9

Manufacturing

53.8

1.8

20.5

Electricity, gas, steam and air conditioning supply

37.7

-3.2

60.3

Water supply; sewerage, waste management and remediation activities

6.6

0.8

21.6

Exported products

100.0

0.2

19.0

Mining and quarrying

2.7

0.1

18.1

Manufacturing

96.9

0.2

18.5

Electricity, gas, steam and air conditioning supply

0.1

.

Water supply; sewerage, waste management and remediation activities

0.3

1.5

81.3

Information on producer price changes in industry in March 2022 will be published on April 25.

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