bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Wednesday 24.05.2017 | Name days: Marlēna, Ilvija, Ziedone
LatviaLatvia

Average consumer price level drops 0.3% in Latvia

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe average level of consumer prices had decreased by 0.3 % in Latvia in January 2016 in comparison to January 2015. Prices of goods decreased by 1.2 %, while prices of services increased by 2.1 %.

During the last twelve months, the average level of consumer prices, compared to the previous twelve months, grew by 0.2 %.

The greatest downward impact on the average level of consumer prices in January 2016 as compared to the same month of 2015, was done by goods and services related to housing, food and non-alcoholic beverages, goods and services related to transport, whereas the strongest upward impact was done by alcoholic beverages and tobacco products, health services, restaurant and hotel services.

The average level of food prices in January 2016 in comparison with the corresponding month of the previous year went down by 0.3 %. The price reduction was mostly caused by milk and dairy products, mainly by sour cream and kefir. The prices of cheese and curd, milk and yoghurt also decreased. Butter, coffee, bakery products became cheaper, whereas the prices increased for vegetables, poultry, pasta, eggs, flours and other cereals, chocolate.

The average price level of alcoholic beverages has increased by 3.0 %. This was essentially caused by the rise in prices of beer. Spirits and wine were the most expensive. Prices of tobacco products went up 2.0 %.

During the year prices of goods and services related to housing decreased by 3.9 %. Heat energy, natural gas, electricity became cheaper, whereas the prices for maintenance and repair of the dwelling services as well as maintenance charges in multi-occupied buildings went up.

The average level of prices for health services rose by 2.2 % that was caused by the increase of prices for pharmaceutical products and dental services.

In the group of transport the price level went down by 0.5 % on average. The average price level for fuels for transport had decreased by 6.6 %, which was most significantly affected by the drop of prices for diesel and liquid petroleum gas. Compared to the previous year, cheaper were services of passenger transport by air, spare parts and accessories for personal transport equipment, whereas more expensive became services of passenger transport by bus and tram, maintenance and repairs services of personal transport equipment, road-worthiness tests of motor vehicles.

As compared to January of the previous year, prices for restaurant and hotel services rose by 1.9 %. In cafes and restaurants prices went up by 2.1 %, in canteens – by 2.3 %. The average price level for hotel services had decreased by 5.8% during the year.

In other consumption groups the most significant reduction of prices was for package holidays, cleaning and maintenance products, clothing, personal hygiene and beauty products.

Compared to the December 2015, the average consumer price level had decreased by 0.6 % in January 2016. Prices of goods had reduced by 0.7 %, but prices of services – by 0.2 %.

The greatest impact on the price changes in January had the drop in prices for clothing and footwear, goods and services related to transport, alcoholic beverages and tobacco products, goods and services related to housing, as well as the rise in prices of personal care goods and services, food and non-alcoholic beverages.

Prices for food had increased by 0.3 % during the month. Price changes in the group of food were mainly affected by the rise in prices for vegetables by 7.3 %, prices increasing mainly for tomatoes and sweet pepper. Affected by the end of sales, the average price level increased for poultry, coffee, pasta, vegetable oil, chocolate. Whereas, prices for dried, salted or smoked meat, fruit, milk products, bakery products and pork decreased.

Affected by the end of sales, the average price level of alcoholic beverages and tobacco products had decreased by 1.0 %. Prices for tobacco products went up by 0.9 %.

Affected by discounts and sales that is inherent in January, the prices of clothing dropped by 7.5 %, the prices of footwear – by 4.1 %.

During the month the average level of electricity prices decreased by 1.8 %, affected by the drop in trade prices for some Latvenergo Elektrum tariff plans as of 1 January 2016. Cheaper was natural gas. Prices for maintenance charges in multi-occupied buildings increased.

In transport group the average price level went down by 1.9% that was mainly affected by the drop in prices for fuels for transport by 3.3 %. Under the influence of seasonal factors the prices reduced for passenger transport by air and water. As of 1 January 2016, prices increased for road-worthiness tests of motor vehicles.

Ref: 102.109.109.7982


Leave a reply

Latvia warned that budget deficit under tax reform may exceed allowed threshold

European Commission’s assessment of the effect from Latvia’s fiscal plan and intended tax reform show major risks of diversion from requirements of the Stability and Growth Pack for 2018.

British police names alleged Manchester terrorist

British police has named Salman Abedi as the possible suicide bomber, suspected of having killed 22 people and injured 59 in the city of Manchester this week.

Interest of Indian youth for study opportunities in Latvia increases year after year

Indian Foreign Affairs Minister Mobashar Jawed Akbar emphasized during his meeting with Latvian Foreign Affairs Minister Edgars Rinkevics that India has experienced very rapid economic growth in the past year. He added that the upcoming Latvian-Indian business forum will be an important step towards closer cooperation in economy.

Latvian government reduces administrative burden on amelioration

Latvian government has agreed to support Agriculture Ministry’s prepared amendments to requirements that dictate construction requirements for waterworks and amelioration systems, as well as cadastral rules. Changes were prepared to reduce administrative burden, Agriculture Ministry reports.

Survey: 32% of Latvian residents have no savings

Losing their income, 23% of respondents would not be able to cover everyday expenses, 5% would be able to maintain payments for less than a month and 20% of respondents would be able to cover a whole month’s worth of expenses, shows the survey performed by Nordea on personal finances.

Producer prices in April grew 0.1% in Latvia

Compared to March, the level of producer prices in Latvian industry grew by 0.1 % in April 2017. The prices of products sold on the domestic market increased by 0.5 %, whereas the prices of exported products dropped by 0.2 %.

LSBA: closure of gambling halls is an attempt by officials to promote their image for elections

Latvian Association of Gaming Business asks deputies of Riga City Council to reconsider their actions in relation to the planned decision to prohibit gambling halls in Riga’s historic centre.

More people have moved to Estonia than left it in 2016

13,792 people have emigrated from Estonia in 2016 and 14,822 have immigrated, Estonian statisticians have estimated, concluding that net migration in the Baltic country has been positive for the second consecutive year.

Saeima to discuss the role of the Security Department of the Bank of Latvia

Saeima’s Defence, Internal Affairs and Corruption Prevention Committee will visit the Bank of Latvia on Wednesday, 24 May, to discuss the role of the bank’s Security Department, as BNN was informed by Saeima’s press-service.

Razuks hints healthcare budget’s increase would require new fees

Sides involved in discussions about finding additional finances for healthcare have yet to reach a definite agreement. It is possible there may be a new fee introduced, said Saeima Public Health sub-committee chairman Romualds Razuks told Rīta panorama on Tuesday, 23 May.

Twelve million euros invested in creation of car wash network in Latvia

Wash & Drive opens the largest self-service car wash station in Riga. In cooperation with Citadele Bank, EUR 800,000 was invested in the creation of this seven-box car wash, as confirmed by the bank.

EC: Latvia’s tax system is less progressive than systems in other EU countries

The European Commission recommends Latvia to reduce the tax burden for small wage recipients and move it to other sources that are less impacting on growth and motivate people to pay taxes.

Latvia to lead joint air and land military exercises this year

Annual international military exercises Saber Strike will be taking place in Latvia from 3 – 15 June. Allied troops and armoured vehicles have begun arriving in Latvia for the upcoming exercises, as reported by Defence Ministry.

Tragic blast shakes Manchester, UK

In an explosion, which has occurred in a mass sports and music events venue in the British city of Manchester, 22 people have died and over 59 have suffered injuries.

Experts: Rail Baltica – connection that benefits everyone

The essence of Rail Baltica project is not combating the trends currently present in the world, but rather using them as an advantage, says advisor to the Bank of Latvia Andris Strazds. He adds that more and more economic and social development is centered in large and urban city centres.

Latvian companies ahead of neighbours in organization of business trips

Latvian businesses are more progressive in the organization of business trips than Lithuania. They do, however, spend a lot of money on planning and organizing of those trips. In addition, they also use inefficient financing methods – 20% of employees are forced to pre-finance their business trips from their own pockets, according to results of an international study.

Riga Eastern Clinical Hospital to identify patients using fingerprint data

Riga Eastern Clinical Hospital has introduced biometric data identification system that will be used to identify patients using fingerprint data, BNN was informed by the hospital.

FDC: micro-enterprise tax has created serious defects

The micro-enterprise tax has created serious defects for Latvia’s tax system, said Fiscal Discipline Council chairman Janis Platais in an interview to Latvijas Avīze.

Microsoft software licences cost Estonia millions each year

Estonian ministries and their subordinated institutions pay a total of under five million euros each year in Microsoft software licence fees.

Latvia’s unemployment rate was 9.4% in Q1 2017

In Q1 2017 the Latvian unemployment rate constituted 9.4 %. Compared to the previous quarter, the unemployment rate increased by 0.1 percentage points, whereas, compared to the same period of the year before, the rate reduced by 0.9 percentage points.

Pension expert: how far can index funds root themselves in Latvian pension plans?

Latvian pension plan clients can still pick existing pension plans with sufficiently flexible deposit policy and possibilities to receive consultations. It should be added, however, that pension plans based on index funds can find clients in Latvia for whom low-price guarantees is important the most, Nordea Pensions Latvia board member Ilya Arefjevs predicts.

Latvian Defence Ministry plans the largest tendering process in country’s history

This summer, Latvian Defence Ministry plans to announce the largest tendering procedure in the history of Latvia’s army. It is planned to procure heavy vehicles to transport armoured vehicles and troops. The total amount for the next ten years may reach EUR 200 million, as reported by Nekā personīga.

Study: engaging in business improves satisfaction with life

It has been concluded that psychological aspects are far more important than financial aspects in business operations – stability, family support, exchange of experience and realization of ideas are important for emerging businessmen, as concluded in a study performed by Altum.

Following use of EU funds, demand for loans increases in municipalities

Demand for loans from the State Treasury has increased after use of EU funds became more active, said Kaspars Abolins, chief of State Treasury, in an interview.

Swiss voters decide to move away from nuclear energy

Switzerland has decided to quit nuclear power stations and opt for renewable energy, show the results of a referendum held on Sunday, May 21, where 58% voters backed phasing out nuclear power.