Producer prices up nearly 30% in a year

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Data published by the Central Statistical Bureau of Latvia December 21vshow that in November 2022, compared to November 2021, the level of producer prices in Latvian industry rose by 29.6 %. 

The level of prices of products sold on the domestic market went up by 49.9 % and that of exported products by 11.8 %. Prices of products exported to euro area countries increased by 14.0 % and of products exported to non-euro area countries by 9.9 %.

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 manufacture of fabricated metal products (except machinery and equipment) had the most significant impacts on producer prices, the CSB said.

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In November 2022, compared to October, the level of producer prices in Latvian industry actually decreased by a tiny amount: 0.1 %, to be precise. The level of prices of products sold on the domestic market fell by 0.2 %, but prices of exported products rose by 0.1 %. Both prices of products exported to euro area countries and prices of products exported to non-euro area countries increased by 0.1 %.

Producer price changes in November 2022 (as per cent)

 

Weights
Changes in Nov 2022 compared to

October 2022

November 2021

Industrial production, total

100.0

-0.1

29.6

Mining and quarrying

2.3

3.9

22.4

Manufacturing

76.5

0.1

17.4

Electricity, gas, steam and air conditioning supply

17.9

-1.1

86.2

Water supply; sewerage, waste management and remediation activities

3.3

0.1

28.7

Products sold on the domestic market

100.0

-0.2

49.9

Mining and quarrying

1.9

5.4

26.5

Manufacturing

53.8

0.4

29.0

Electricity, gas, steam and air conditioning supply

37.7

-1.1

86.3

Water supply; sewerage, waste management and remediation activities

6.6

0.1

30.4

Exported products

100.0

0.1

11.8

Mining and quarrying

2.7

2.8

19.7

Manufacturing

96.9

0.0

11.6

Electricity, gas, steam and air conditioning supply

0.1

.

Water supply; sewerage, waste management and remediation activities

0.3

-1.0

-5.3

 

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