Compared to January, in February the level of producer prices in Latvian industry fell by 0.3%. Prices of products sold on the domestic market reduced by 0.2% and prices of exported products – by 0.4%.
Prices of products exported to euro area countries decreased by 0.5% and prices of products exported to non-euro area countries – 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 manufacture of wood and of products of wood and cork, except for furniture. Manufacture of machinery and equipment, as well as manufacture of selected food products had an upward effect.
In February 2020, compared to February 2019, the average level of producer prices in Latvian industry fell by 1.9%. The level of prices of products sold on the domestic market has dropped by 2.4%, and prices of exported products – by 1.4%. Prices of products exported to euro area countries have decreased by 1.6% and prices of products exported to non-euro area countries – by 1.3%.
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. Manufacture of selected food products had an 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)
