Compared to September, level of producer prices in Latvian industry rose by 0.1% in October. Prices of products sold on the domestic market fell by 0.5%, while prices of exported products went up by 0.7%.
Prices of products exported to Eurozone countries grew by 0.3% and prices of products exported to non-Eurozone by 0.9%, 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 rise in manufacture of fabricated metal products, except for machinery and equipment, as well as manufacture of food products. Trade and distribution of electricity, steam and air conditioning supply, as well as distribution of gaseous fuels through mains, in its turn, had a downward effect.
Compared to October 2017, the average level of producer prices in Latvian industry rose by 5.3% in October. Prices of goods sold on the domestic market grew by 6.6% and prices of exported products by 4%. Prices of products exported to euro area countries went up by 3.3% and of products exported to non-euro area countries by 4.6%.
Manufacture of wood and of products of wood and cork, except for furniture, trade and production of electricity, steam and air conditioning supply, as well as distribution of gaseous fuels through mains had the most significant upward influence on the producer prices. Manufacture of electrical equipment, in turn, had the largest downward effect.
This year information on producer prices in industry is provided by more than 600 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)
