In Latvia, the level of producer prices in industry decreased by 2.7% YoY in August, the data of the Central Statistical Bureau (CSB) showed.
In a press release on September 21, the CSB reported that in a monthly comparison, from July to August, the level of producer prices in Latvian industry remained the same. Prices of products sold on the domestic market fell by 0.1%, but prices of exported products grew by 0.2%. Producer prices of products exported to euro area countries increased by 0.6%, while prices of products exported to non-euro area countries decreased by 0.2%.
Manufacture of wood and of products of wood and cork, except for furniture, had an upward impact on the producer price changes. Price drop of electricity, gas, steam and air conditioning supply had a downward impact on the producer price changes.
The CSB said that in August, compared to August 2019, the average level of producer prices in Latvian industry fell by 2.7%. The level of prices of products sold on the domestic market reduced by 4.7% and prices of exported products by 0.9%. Prices of products exported to euro area countries fell by 0.4%, while prices of products exported to non-euro area countries – by 1.4%.
Price drop of electricity, gas, steam and air conditioning supply had a significant impact on the producer price changes. Repair and installation of machinery and equipment had an upward effect on the producer prices, according to CSB. (BNN/Business World Magazine)