Compared to October, the level of producer prices in Latvian industry dropped by 0.1% in November. The level of prices of products sold on the domestic market dropped by 0.5%, however prices of exported products increased by 0.3%.
The level of prices both of products exported to euro area countries and of products exported to non-euro area countries increased by 0.3%, 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 drop in electricity, gas, steam and air conditioning supply. Manufacture of fabricated metal products, except machinery and equipment and manufacture of non-metallic mineral products had upward effect.
In November compared to November 2018 the average level of producer prices in the Latvian industry dropped by 0.4%. The level of prices of products sold on the domestic market has increased by 0.9%, but level of prices of exported products decreased by 1.7%. Prices of both products exported to euro area countries and of products exported to non-euro area countries have reduced by 1.7%.
Manufacture of wood and of products of wood and cork, except for furniture, had the most significant downward impact on the producer price changes during the year. Production and trade of electricity, manufacture of non-metallic mineral products as well as manufacture of selected food products had upward effect.
This year information on producer prices in industry is provided by more than 600 enterprises, which inform the CSB about approximately 2.4 thousand prices every month – 1.3 thousand of which are related to products and industrial services sold on the domestic market and 1.1 thousand relating to prices on the export markets, with the respective information being then used for index calculations. (BNN/Business World Magazine)