Compared to July, level of producer prices in the Latvian industry rose by 1% in August. Level of prices of products sold on the domestic market grew by 1.9%, but of exported products – went up by 0.1%.
Prices of products exported to euro area countries increased by 0.2%, but prices of products exported to non-euro area countries remained the same, according to data from the Central Statistical Bureau of Latvia.
Over the month, the most significant impact on producer prices was made by the price increase in steam and air conditioning supply, trade of electricity, production of electricity, manufacture of wood and of products of wood and cork, except for furniture. Manufacture of fabricated metal products, except for machinery and equipment had downward effect.
Compared to August 2017, the average level of producer prices in Latvian industry rose by 5.7% in August. The level of prices of products sold on the domestic market rose by 7.7% and that of exported products by 3.9%. Both exports to euro area countries and exports to non-euro area countries grew by 3.9%.
Price rise was mainly affected by manufacture of wood and of products of wood and cork, except for furniture, trade of electricity, production of electricity, gas, steam and air conditioning supply. Manufacture of chemicals and chemical products, as well as manufacture of electrical equipment had the most notable downward effect. (BNN/Business World Magazine)