Producer prices up 30% over year in Latvia

Data published August 19 the Central Statistical Bureau of Latvia show that in July 2022, compared to July 2021, level of producer prices in Latvian industry rose by 30.2 %. 

The level of prices of products sold on the domestic market went up by 47.5 % and that of exported products by 15.9 %. Prices of products exported to euro area countries increased by 18.2 % and of products exported to non-euro area countries by 14.0 %.

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

In July 2022, compared to June, level of producer prices in Latvian industry increased by 2.3 %. The level of prices of products sold on the domestic market grew by 4.4 % and of exported products by 0.2 %. The level of producer prices of products exported to euro area countries remained the same, while that of products exported to non-euro area countries went up by 0.3 %.

Growth of prices in electricity, gas, steam and air conditioning supply; manufacture of selected food products; manufacture of chemicals and chemical products as well as manufacture of computer, electronic and optical products had upward impact on the producer price changes. Decline of prices in manufacture of wood and products of wood (except furniture), in turn, had downward impact.

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