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Financial News: Latvia PPI Inflation Accelerates Further

Latvia PPI Inflation Accelerates Further

06/21/2022 - 07:23:00 (RTTNews)

(RTTNews) - Latvia's producer price inflation accelerated for the third straight month in May, figures from the Central Statistical Bureau showed on Tuesday.

The producer price index surged 31.5 percent year-on-year in May, faster than the 29.3 percent spike in April. Prices have been rising since January 2021.

Among components, prices for electricity, gas, steam and air conditioning supply grew the most, by 75.1 percent annually in May, and those for water supply rose 26.5 percent.

Prices for manufacturing also registered a sharp growth of 24.3 percent and mining and quarrying prices climbed 20.8 percent.

Domestic market prices were 41.4 higher in May compared to last year and foreign market prices increased 23.2 percent.

On a monthly basis, total producer prices moved up 3.9 percent in May. Both domestic and foreign market prices rose 4.5 percent and 3.4 percent, respectively.

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