Producer prices up by 21% on year in Latvia

Data published October 21 by the Central Statistical Bureau (CSB) show that, compared to August, in September 2021 level of producer prices in the Latvian industry rose by 2.8% and compared to September 2020 - by 21.2%.

Prices of products sold on the domestic market increased by 4.1%, and prices of exported products - by 1.6%. Prices of products exported to euro area countries rose by 0.7%, whereas prices of products exported to non-euro area countries – by 2.4%.

The price rise for electricity; gas, steam, and air conditioning supply; manufacture of wood and of products of wood and cork (except furniture); manufacture of machinery and equipment n.e.c. had the greatest upward impact on the producer price changes.

Producer price changes in September 2021

(as per cent)

 

Weights

Price changes in September 2021, compared to

August 2021

September 2020

Industrial production – total

100.0

2.8

21.2

Mining and quarrying

2.4

3.4

13.2

Manufacturing

78.8

1.4

19.8

Electricity, gas, steam and air conditioning supply

14.9

10.7

31.0

Water supply; sewage, waste management and remediation activities

3.9

0.2

17.7

Products sold on the domestic market

100.0

4.1

20.4

Mining and quarrying

1.9

2.0

9.9

Manufacturing

58.8

1.1

16.2

Electricity, gas, steam and air conditioning supply

31.8

10.7

31.0

Water supply; sewage, waste management and remediation activities

7.5

-0.4

11.0

Exported products

100.0

1.6

21.9

Mining and quarrying

3.0

4.2

15.0

Manufacturing

96.3

1.5

21.7

Water supply; sewage, waste management and remediation activities

0.7

3.7

77.2

Compared to September 2020, in September 2021 the average level of producer prices in the Latvian industry increased by 21.2 %. Prices of products sold on the domestic market increased by 20.4 %, and prices of exported products - by 21.9 %. Prices of products exported to euro area countries rose by 23.2 %, whereas prices of products exported to non-euro area countries - by 20.8 %.

Manufacture of wood and of products of wood and cork (except furniture); electricity; gas, steam and air conditioning supply had the most significant impact on the producer price changes. The drop in prices for printing and reproduction of recorded media had downward impact on the producer price changes.

 

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