Compared to February, the average level of producer prices in Latvian industry grew by 0.1% in March.
The prices of products sold on the domestic market dropped by 0.1%, whereas the prices of exported products increased by 0.3%. The prices of products exported to euro area countries grew by 0.2% and of products exported to non-euro area countries – by 0.4%, according to data compiled by Central Statistical Bureau of Latvia.
During the month, changes in producer prices were mainly affected by a price increase in the manufacture of wood and of products of wood and cork, except furniture, as well as collection of non-hazardous waste.
Compared to March 2016, the average level of producer prices in Latvian industry increased by 2% in March 2017. The prices of products sold on the domestic market increased by 1.6%, while those of exported products grew by 2.3%. The prices of products exported to euro area countries have increased by 2.1% and of products exported to non-euro area countries – by 2.5%.
The most significant impact was caused by a price increase in the manufacture of food products, as well as waste collection, treatment and disposal activities, materials recovery, whereas the greatest lowering effect was caused by production of electricity.
This year information on producer prices in industry is provided by more than 610 enterprises, which inform the CSB about approximately 2.6 thousand prices every month – 1.4 thousand of which are related to products and industrial services sold on the domestic market, and 1.2 thousand relating to prices on the export markets, with the respective information being then used for index calculations. (BNN/Business World Magazine)
