In November 2022, as compared with the same month of 2021, the average producer price level in Latvia increased by 29.6%, according to data from the Central Statistical Bureau of Latvia (CSP).
The price level for products sold on the local market increased by 49.9%. For export products prices increased by 11.8%. Prices of goods exported to Eurozone member states increased by 14.0%, whereas prices of goods exported to countries outside Eurozone increased by 9.9%.
The producer price level was affected the most by the price rise in electricity, gas, heat and air conditioning; in the manufacture of foodstuffs; in the manufacture of wood and of products of wood and cork (except furniture); in the manufacture of non-metallic mineral products and in the manufacture of fabricated metal products (excluding machinery and equipment), according to data from CSP.
In November 2022, when compared with October, producer price level in Latvia’s industry went down by 0.1%.
The price level for products sold on the local market went down by 0.2%, whereas prices for exported products increased by 0.1%. The price level for goods exported to Eurozone and non-Eurozone member states increased by 0.1%.
A downgrading effect on prices was caused by the drop in prices in gas supply, heating and air conditioning equipment, and the manufacture of fabricated metal products (excl. machinery and equipment). An increasing effect was caused by the price rise in manufacture of wood, wood and cork products (except furniture) and printing and reproduction of recorded media.
Information about producer prices were provided by nearly 600 companies in Latvia this year. The producer price index in industry is calculated using tariffs approved by the Public Utilities Commission for specific services and companies, as noted by CSP. The index was calculated using approximately 2.4 thousand prices (1.3 thousand for locally sold products and 1.1 thousand for exported products and industrial services).
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