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Tuesday 19.06.2018 | Name days: Nils, Viktors
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Average consumer price level in Latvia up 1.8%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUDuring the year, the average level of consumer prices rose by 1.8 % in Latvia. Prices of goods grew by 1.1 % and prices of services by 3.6 %.

Reduction of the annual inflation observed over the last months indicates that price increase rate is slowing down. Regardless the fact that every month prices still are higher than in the corresponding month a year ago, under the influence of a base effect, inflation is lower. Prices of goods are growing slower than a year ago, whereas sharper rise may be observed in prices of services. Compared to 2015, in February 2018 consumer prices have gone up by 4.0 %. Prices of goods increased by 2.8 %, whereas prices of services rose by 7.1 %, according to data from the Central Statistical Bureau of Latvia.

Compared to February 2017, the average level of consumer prices was mainly influenced by the rise in prices in miscellaneous goods and services group, prices of goods and services related to housing, goods and services related to transport, food and non-alcoholic beverages, as well as health care in February 2018.

In February 2017, the greatest upward impact on the price changes was exerted by the prices of food and non-alcoholic beverages and goods and services related to transport (that rose by 6.1 % and 6.7 %, respectively), whereas this year prices in the groups went up by 1.2 % and 2.5 %, respectively.

Within the food and non-alcoholic beverages group, rise was recorded in prices of butter (36.5 %), sour cream (14.4 %), milk (9.3 %), eggs (21.2 %), pork (6.0 %), fresh fruit (5.1 %), bakery products (4.2 %), bread (3.4 %), poultry (3.4 %), as well as fruit and vegetable juices (10.4 %). Reduction, in turn, was registered in prices of fresh vegetables (19.2 %), sugar (30.8 %), coffee (3.1 %), as well as fresh or chilled fish (8.8 %).

Prices of goods and services related to housing grew by 2.4 %. Increase was recorded in prices of solid fuels, maintenance charges in multi-occupied buildings, prices of refuse collection, services for the maintenance and repair of the dwelling, and natural gas.

Within the health care group, the average level of prices went up by 3.9 %, which was mainly influenced by the rise in prices of dental services (of 10.7 %), pharmaceutical products (2.6 %), and prices in medical specialist practice (2.7 %).

Within the group of goods and services related to transport, rise was observed in prices of fuels for transport – of 5.2 % (of which prices of diesel increased by 5.2 %, of petrol by 5.7 %, and of auto gas by 1.2 %), as compared to the year ago when prices of fuels for transport grew by 18.8 %. Over the year, growth was also recorded in prices of maintenance and repair of personal transport equipment. In its turn, prices of passenger transport by air fell.

Within the group of miscellaneous goods and services, the average level of prices grew by 8.0 %, which was mostly due to the rise in prices of motor vehicle insurance. Increase was recorded in prices of articles for personal hygiene and beauty products as well as hairdressing salon and personal grooming establishment service prices.

Among other commodity groups, the most significant growth was recorded in prices of catering services, tobacco products, spirits, television subscription fee and telecommunication services. Decline, in turn, was registered in prices of beer, household cleaning and maintenance products, and footwear.

In February, the greatest pressure on the consumer price changes was put by the growth in prices in group of food and non-alcoholic beverages, mainly because various sales campaigns ended. Rise was also recorded in prices of fuels for transport, moreover seasonal increase was observed in prices of package holidays. On the other hand, sales campaigns led to the drop in prices of household cleaning and maintenance products, and various articles for personal hygiene and beauty products. As a result, compared to January 2018, the average level of consumer prices rose by 0.2 % in February 2018. Prices for goods increased by 0.2 % and prices of services by 0.3 %.

Over the month, prices of food and non-alcoholic beverages grew by 0.4 %. Rise of 3.7 % was recorded in prices of fresh fruit, including in prices of bananas, grapes, lemons and pears. Prices of fruit and vegetable juices went up by 9.2 %. Increase was registered in prices of bread (of 2.3 %), which was mainly influenced by the end of rye bread and wheat bread sales. Upturn was observed also in prices of coffee (of 2.8 %), fresh vegetables (1.9 %), mainly cucumbers and carrots. Prices of milk, butter, and sour cream went up as well. Reduction resulting from sales campaigns was recorded in prices of dried, salted or smoked meat (of 1.1 %), cheese and curd (1.6 %), and poultry (1.7 %). Drop was also observed in prices of fresh or chilled fish (of 6.5 %), mainly of chilled salmon, as well as prices of chocolate (2.2 %) and pork (1.0 %).

Prices of goods and services related to housing grew by 0.3 %. Increase was observed in the average level of solid fuel prices, as well as rentals for housing, prices of sewage collection as well as services for the maintenance and repair of the dwelling.

Prices of furnishings fell by 1.2%. Under the influence of sales, decline was registered in prices of household cleaning and maintenance products, as well as non-electric kitchen utensils and articles.

Prices of goods and services related to transport increased by 0.2 %, which was mostly influenced by the rise in prices of fuels for transport (of 0.9 %), of which of 1.3 % in diesel prices and of 0.5 % in petrol prices. Reduction, in turn, was registered in prices of passenger transport by sea and second-hand motor cars.

Within the recreation and culture group, the average level of prices grew by 1.0 %, which under the influence of seasonal factors was mainly affected by the 4.5 % rise in prices of package holidays. Ending sales campaigns resulted in pet food price rise.

Among other commodity groups, the most significant growth was recorded in prices of garments, spirits, and reimbursable medical products, while prices of beer and articles for personal hygiene and beauty products went down.

Ref: 225.109.109.4095


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