Production prices jumped 30% on year in Latvia

Data of the Central Statistical Bureau published May 23 show that in April 2022, compared to April 2021, the level of producer prices in Latvian industry increased by 29.9%.

The level of prices of products sold on the domestic market increased by 39.6 %, and prices of exported products – by 21.8 %. Prices of products exported to euro area countries rose by 26.5 %, prices of products exported to non-euro area countries – by 17.9 %.

The most significant impact on producer prices was made by the price rise in production of electricity, gas, steam and air conditioning supply; manufacture of wood and of products of wood and cork (except furniture); manufacture of food products; manufacture of fabricated metal products (except machinery and equipment), as well as waste collection, treatment and disposal activities; materials recovery.

In April 2022, compared to March, the level of producer prices in Latvian industry increased by 3.1 %. The level of prices of products sold on the domestic market rose by 1.9 %, and prices of exported products – by 4.3 %. Producer prices of products exported to euro area countries increased by 5.2 % and prices of products exported to non-euro area countries – by 3.5 %.

Manufacture of wood and of products of wood and cork (except furniture), manufacture of selected food products; manufacture of fabricated metal products (except machinery and equipment), as well as manufacture of chemicals and chemical products had upward impact on the producer price changes. Trade of electricity had downward impact.

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