Producer prices up nearly 29% on year in Latvia

Data published January 20 by the Central Statistical Bureau of Latvia show that in December 2022, compared to December 2021, the level of producer prices in the Latvian industry rose by 28.8%.

The level of prices of products sold on the domestic market went up by 48.4 % and that of exported products by 11.1 %. Prices of products exported to euro-area countries increased by 13.6 % and of products exported to non-euro area countries by 9.0 %.

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

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In December 2022, compared to November 2022, the level of producer prices in Latvian industry rose by 0.3 %. The level of prices of products sold on the domestic market increased by 1.6 %, but prices of exported products fell by 1.1 %. Producer prices of products exported to euro-area countries were reduced by 0.3 % and prices of products exported to non-euro area countries – by 1.8 %.

Trade and manufacture of electricity; steam and air conditioning supply, as well as the manufacture of selected food products, had an upward impact on the producer price changes. Manufacture of wood and of products of wood and cork (except of furniture); manufacture of computer, electronic and optical products as well as printing and reproduction of recorded media had a downward impact on the producer price changes.

In 2022, the  12-month average level of producer prices in Latvian industry increased by 30.7 %, compared to the  12-month average level of 2021. Prices of products sold on the domestic market increased by 47.9 %, while prices of exported products – by 16.1 %. Prices of products exported to euro area countries rose by 19.4 %, but those of products exported to non-euro area countries – by 13.3 %.

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