Dmitrijs Sulzic/ F64
Riga, 21.08.2023. In July 2023, compared to July 2022, the average level of producer prices in Latvian industry decreased by 2.5%, according to data from the Central Statistics Office. The price level for products sold on the local market decreased by 1.9%, for exported products – by 3.8%. Prices for exports to eurozone countries decreased by 3.9%, for exports to non-eurozone countries – by 3.7%.
During the year, the producer price level was most affected by the price drop in the production of wood, wood and cork products (except furniture); in electricity trade, gas supply and heat supply, as well as in the production of chemicals and chemical products. The increase in prices in the production of several food products had an increasing effect.
In July 2023, compared to June, the level of producer prices in Latvian industry increased by 1.0%. The price level of products sold on the local market increased by 2.0%, while the price level of exported products did not change. The level of producer prices for exports to eurozone countries decreased by 0.1%, while the level of producer prices for exports to countries outside the eurozone increased by 0.1%.
Considering this year’s distribution of weights, the electricity, gas supply, heating and air conditioning sector had an increasing effect on the overall level of producer prices during the month, where the most significant increasing effect was the tariff changes in electricity distribution and supply.
Information on producer price changes in industry in August 2023 will be published on September 21.
Methodological information
The producer price index in industry is a short-term statistical indicator that characterizes changes in the prices of industrial products and services over a certain period of time.
In order to assess the extent to which a certain sector affects the total producer price index in industry, or what is the contribution of this sector to the total producer price index in industry, an impact calculation is performed. Industries with small price changes but a large share of the index may affect the overall producer price index in the industry more than industries with a small share of the index but large price changes.
This year, about 600 companies provide information on producer prices in industry. In the producer price index industry, the tariffs approved by the Public Service Regulatory Commission for individual services and companies are additionally used in the calculations. About 2.5 thousand prices are used in the index calculations, of which about 1.4 thousand are for the domestic market and 1.1 thousand are for the production and industrial services realized in export markets.
. = The data cannot be published due to their confidentiality.
Central Statistics Office
2023-08-21 10:15:28
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