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Monday 29.05.2017 | Name days: Raivis, Raivo, Maksis

Consumer price level in Latvia up 1.0% in 2016

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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 increased by 1.0%. Prices of goods had increased by 0.3%, while prices of services had grown by 2.9%.

Compared to October 2015, the greatest pressure on the price changes was put by the rise in prices of food and non-alcoholic beverages, alcoholic beverages and tobacco products, health care, recreation and culture goods and services, restaurant and hotel services, as well as by the drop in prices of goods and services related to housing in October 2016, according to the latest data from the Central Statistical Bureau of Latvia.

Compared to the corresponding month of the previous year, the average level of food and non-alcoholic beverage prices had increased by 2.1% in October 2016. Rise was recorded in prices of poultry, dried, salted or smoked meat, sugar, bakery products, milk products, fresh vegetables, fresh or chilled fish, pork, salt and spices, oils and fats, sweets, preserved or processed fish and seafood-based preparations, jams and honey, and chocolate. Reduction, in turn, was observed in prices of fresh fruit, coffee, eggs, cheese, and potatoes.

Prices of tobacco products rose by 5.3%. The average level of alcoholic beverage prices grew by 0.4%, which was mainly affected by the increase in prices of wine and spirits, while prices of beer diminished.

Goods and services related to housing became cheaper by 1.2%. Drop was registered in prices of heat energy, natural gas, solid fuels, whereas rise was recorded in maintenance charges in multi-occupied buildings, prices of refuse collection, sewage collection, services for the maintenance and repair of the dwelling, and water supply.

The average level of health care prices grew by 3.0%, which was mainly due to the rise in prices of pharmaceutical products, dental services, prices in medical specialist practice, as well as prices of rehabilitation centre services.

Prices of cultural services grew by 3.4%. Rise was observed also in prices of flowers, package holidays, recreational and sporting services. Audio-visual equipment became cheaper.

During the year, prices of restaurant and hotel services increased by 2.1%. Prices of restaurant, café and fast food services grew by 2.0% and prices of canteen services – by 2.2%. The average level of hotel service prices had increased by 3.1%.

Among other commodity groups, the most significant growth was recorded in prices of telecommunication services, fuels for transport, financial services, and second-hand motor cars. Prices of non-durable household goods, in turn, diminished.

Compared to September 2016, the average level of prices grew by 0.8% in October 2016 . Prices of goods increased by 1.2%, while prices of services declined by 0.3%.

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

During the month, prices of food and non-alcoholic beverages grew by 1.2%. Within the food group, the increase in prices of fresh vegetables had the most significant impact on the price changes. Rise was observed in prices of milk, cheese and eggs, pasta products, sugar, vegetable oil, meat preparations, pork, and butter. Reduction was recorded in prices of fresh fruit, dried, salted or smoked meat, coffee, and potatoes.

The average level of alcoholic beverage prices rose by 0.9%, which was affected by the end of wine and beer sales. Prices of spirits decreased. Prices of tobacco products, in turn, rose by 0.6%.

As clothing of the winter season kept entering the market, prices of garments grew by 7.3% and prices of footwear by 0.8%.

Within the transport group, the average level of prices rose by 1.8%, which was mainly influenced by the 4.2% growth in prices of fuels for transport. Prices of spare parts and accessories for personal transport equipment, maintenance and repair of personal transport equipment became more expensive. In its turn, prices of passenger transport by air decreased.

Within the recreation and culture group, main drop was recorded in prices of package holidays. The average level of fiction books reduced as well.

Within the other commodity groups, the most notable changes were observed in prices of articles for personal hygiene and beauty products – decline of 1.3% due to the sales.


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