When compared to October 2021, the level of producer prices in Latvia industrial sector increased by 32.3% in October 2022. The price level of locally sold products went up by 56.3%, whereas prices of exported products increased by 11.8%.
Prices of products exported to Eurozone member states increased by 13.5% and the prices of products exported to non-Eurozone member states increased by 10.4%.
Electricity, gas, heating and air conditioning costs, the costs of food production; the costs of wood, wood products and cork (except furniture); the costs of production of other non-metallic mineral products, as well as the costs of production of fabricated metal products (except for machinery and equipment) had the most significant impact on producer prices, according to data from the Central Statistical Bureau of Latvia.
In October 2022, when compared with September, the level of producer prices in Latvia’s industrial sectors increased by 0.5%.
Prices of products sold locally did not change, but prices of exported products increased by 1.1%. Producer prices of products exported to Eurozone increased by 0.2%, prices of products exported to non-Eurozone increased by 1.8%.
Production of wood, wood products and cork (except of furniture); production of non-metallic mineral products, as well as production of selected food products also caused producer prices to go up.
More than 600 businesses in Latvia provided information on producer prices in industry this year. Producer price index in industrial sectors was calculated by using tariffs on selected services approved by the Public Utilities Commission. Approximately 2.4 thousand prices were used in the calculation of the index, of which 1.3 thousand prices came from products and industrial services sold on domestically and 1.1 thousand prices of products and industrial services sold to other countries.