Producer prices ticked up in January

Take note – story published 2 years ago

Data published by the Central Statistical Bureau (CSB) February 21 show that, compared to December 2021, in January 2022 the level of producer prices in Latvian industry increased by 2.5 %. 

Prices of products sold on the domestic market increased by 3.4 %, and prices of exported products – by 1.7 %. Producer prices of products exported to euro area countries rose by 1.4 %, and the prices of products exported to non-euro area countries - by 2.0 %.

Price rises in gas supply, electricity manufacture and heat supply, waste collection, treatment and disposal activities as well as manufacture of selected food products had upward impact on the producer price changes.

Producer price changes in January 2022 (as per cent)

 

Weights

Price changes in January 2022, compared to

December 2021

January 2021

Industrial production – total

100.0

2.5

27.0

Mining and quarrying

2.3

3.0

17.1

Manufacturing

76.5

1.7

19.6

Electricity, gas, steam and air conditioning supply

17.9

3.3

68.7

Water supply; sewage, waste management and remediation activities

3.3

15.4

29.2

Products sold on the domestic market

100.0

3.4

34.6

Mining and quarrying

1.9

2.0

12.5

Manufacturing

53.8

1.8

18.7

Electricity, gas, steam and air conditioning supply

37.7

3.4

68.8

Water supply; sewage, waste management and remediation activities

6.6

16.4

21.5

Exported products

100.0

1.7

20.5

Mining and quarrying

2.7

3.6

19.6

Manufacturing

96.9

1.7

20.1

Electricity, gas, steam and air conditioning supply

0.1

.

Water supply; sewage, waste management and remediation activities

0.3

-1.1

80.1

In January 2022, compared to January 2021, the average level of producer prices in Latvian industry increased by a significant amount: 27.0 %. Prices of products sold on the domestic market increased by 34.6 %, and prices of exported products - by 20.5 %. Prices of products exported to euro area countries rose by 23.9 %, and prices of products exported to non-euro area countries - by 17.6 %.

Price increase in 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 in waste collection, treatment and disposal activities, materials recovery , had the most significant impact on the producer price changes.

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