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Saturday 17.03.2018 | Name days: Ģertrūde, Gerda, Gertrūde

Annual inflation level in Latvia reaches 3.4%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to March 2016, the average level of consumer prices increased by 3.4% in March 2017. Prices of goods grew by 3.5% and prices of services by 3.0%.

Compared to March 2016, the greatest pressure on the price changes was put by the rise in prices of food and non-alcoholic beverages, goods and services related to transport, goods and services related to housing, prices in communication group, as well as prices of alcoholic beverages and tobacco products in March 2017, according to data from the Central Statistical Bureau of Latvia.

The average level of food and non-alcoholic beverage prices grew by 5.4%. Increase was recorded in prices of milk products, fresh vegetables, cheese and curd, milk, bakery products, butter, fresh fruit, sugar, fresh or chilled fish, chocolate, meat preparations, dried, salted or smoked meat, and yoghurt.

Within alcoholic beverage and tobacco product group, the average level of prices went up by 2.2%, which was influenced by 6.7% rise in prices of tobacco products. Prices of alcoholic beverages, in turn, dropped by 0.3%.

Prices of goods and services related to housing increased by 2.1%. Rise was observed in maintenance charges in multi-occupied buildings, prices of heat energy, refuse collection, sewage collection, water supply, whereas decline was recorded in prices of natural gas and rentals for housing.

Prices of goods and services related to transport grew by 6.4%, which was mainly because of the increase in prices of fuels for transport (of 18.2%) as well as prices of maintenance and repair of personal transport equipment. Prices of transport services, in turn, diminished.

The average level of prices within communication group went up by 6.9%, which was mainly due to the rise in prices of wired and wireless telephone services. Prices of internet access services, in turn, became cheaper.

Within other commodity groups, the most significant growth was recorded in prices of catering services, motor vehicle insurance and pharmaceutical products.

Compared to February 2017, in March 2017 the average level of consumer prices grew by 0.9%. Prices of goods increased by 1.0% and prices of services by 0.6%.

In March, the greatest pressure on the consumer price changes was put by the growth in prices of clothing and footwear, goods and services related to recreation and culture, alcoholic beverages and tobacco products, as well as by the decline in prices of food and non-alcoholic beverages.

Over the month, prices of food and non-alcoholic beverages fell by 0.4%. Prices of dried, salted or smoked meat, fresh vegetables, pork, sugar, pasta products and butter had the most significant decreasing impact on the price level within the food group. Rise, in its turn, was observed in prices of poultry, bakery products and coffee.

Within the alcoholic beverage and tobacco product group, the average level of prices increased by 1.1%. As the new excise duty rates came into effect, prices of spirits went up. Prices of tobacco products rose by 0.8%. Due to the sales campaigns, prices of wine fell.

Growth in prices of clothing and footwear typical for March was affected by the fact that goods of the new season entered the market. Prices of garments increased by 11.9% and prices of footwear by 12.8%.

Over the month, prices within the recreation and culture group went up by 1.6%, which was mainly affected by the increase in prices of package holidays. The average level of fiction book prices rose.

Within other commodity groups, the most notable increase was recorded in prices of motor vehicle insurance, passenger transport by air, household cleaning and maintenance products, and materials for the maintenance and repair of the dwelling.


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