Latviski English По-русски
Monday 26.09.2016 | Name days: Kurts, Knuts, Gundars

Consumer prices decline 0.7% in Latvia

(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to August 2015, the average level of consumer prices did not change in August 2016. Prices of goods had decreased by 1.2 %, while prices of services had increased by 3.0 %.

Compared to August 2015, the greatest pressure on the average level of consumer prices was applied by the increase in prices in recreation and culture, prices of alcoholic beverages and tobacco, health care, prices in communication group, and prices of food and non-alcoholic beverages, as well as by the drop in prices of goods and services related to transport, goods and services related to housing, and clothing and footwear in August 2016, according to data from the Central Statistical Bureau of Latvia.

Compared to the corresponding month of 2015, the average level of food and non-alcoholic beverage prices had increased by 0.5% in August 2016. Increase was recorded in prices of sugar, fresh vegetables, pork, dried, salted or smoked meat, as well as fish. Whereas reduction was observed in prices of poultry, fresh fruit, milk, cheese and curd, eggs and butter.

Prices of tobacco products rose by 4.8%. The average level of alcoholic beverage prices grew by 0.8%, which was mainly affected by the increase in prices of spirits and wine, whereas prices of beer reduced.

During the year, the average level of footwear and garment prices dropped by 4.4% and 1.7%, respectively.

Prices of goods and services related to housing decreased by 1.7%. Reduction was recorded in prices of heat energy, natural gas, electricity, and rentals for housing, while increase was observed in maintenance charges in multi-occupied buildings, prices of refuse collection, services for the maintenance and repair of the dwelling, sewage collection, and water supply.

The average level of health care prices rose by 2.6%, which was mainly due to the increase in prices of pharmaceutical products and dental services.

Within the transport group, prices declined on average by 3.7%, which was influenced by the 10.2% drop in prices of fuels for transport. Growth was recorded in prices of maintenance and repair of personal transport equipment and second-hand motor cars.

During the year, the level of prices within the communication group grew on average by 3.6%, which was mainly due to the rise in prices of wired and wireless telephone services. A drop was observed in prices of Internet access services.

Prices of package holidays rose by 9.7%. Increase was observed also in prices of cultural services, fiction books, garden products and flowers.

Among other consumption groups, the most significant increase was recorded in prices of restaurant, café and fast food services. Reduction, in turn, was recorded in prices of household cleaning and maintenance products.

Compared to July 2016, the average level of consumer prices had reduced by 0.7% in August 2016. Prices of goods had decreased by 1.0%, while prices of services had increased by 0.2%.

In August, the greatest pressure on the price changes was put by the drop in prices of food and non-alcoholic beverages, goods and services related to transport, clothing and footwear, and prices in miscellaneous goods and services group, as well as by the increase in prices of recreation and culture.

During the month, prices of food and non-alcoholic beverages fell by 1.7%. Within the food group, the drop in prices of fresh vegetables, mainly sweet pepper, tomatoes, cabbages, cucumbers and carrots, had the most notable downward influence on the price changes.  Reduction was recorded also in prices of potatoes, fresh fruit, and eggs. Increase, in turn, was observed in prices of poultry, fruit and vegetable juices, pork, fresh or chilled fish.

Along with the summer season discounts and sales, prices of footwear dropped by 5.3% and prices of garments fell by 0.8%.

Within the transport group, the average level of prices declined by 1.4%, which was mainly affected by the 3.5% drop in prices of maintenance and repair of personal transport equipment.

Within the culture group, the average level of prices rose by 0.6%, which was mainly due to the 5.1% growth in prices of package holidays.

Due to the sales prices of articles for personal hygiene and beauty products dropped by 3.8%.

Among other consumption groups, the most significant decline was recorded in prices of household cleaning and maintenance products, while the most notable rise was observed in prices of spirits, heat energy, as well as restaurant and café services.


Leave a reply

Week in Lithuania. Street plaque in Yiddish, Hebrew languages unveiled in Vilnius

A street sign in Yiddish and Hebrew languages was unveiled on Žydų gatvė in the heart of the historic Jewish quarter in Vilnius on Tuesday, September 20.

Economic Diary of Latvia. About strong women in power

This week, members of the Saeima unexpectedly declined amendments that provided for the merging of finance and customs police of the State Revenue Service. After hearing out deputies, Finance Minister Dana Reizniece-Ozola decided not to give up.

Ten million euros to be allocated to assist with elder people employment

Central Finance and Contracting Agency has sent a proposal to the State Employment Agency to apply for European Social Fund financing to realize measures to maintain and improve elder people employment.

Latvia and China sign cooperation memorandum to develop aviation industry

Latvian Transport Minister Uldis Augulis and Administrator of Civil Aviation Agency of China Feng Zhenglin signed a cooperation memorandum on Friday, 23 September. This cooperation memorandum is meant to assist with the development of the aviation industry.

Number of counterfeit products confiscated by EU authorities continued to grow in 2015

According to the latest data published on Friday, 23 September, by the European Commission, EU customs authorities confiscated five million euros worth of more counterfeit products in 2015 than they did the year before.

Businessmen urge professionals to apply for SRS director general’s post

Latvian Chamber for Commerce and Industry invites professionals who fit requirements put up by the State Chancellery to take part in the personnel selection process for the post of director general of the State Revenue Service.

Dogo producer submits additions to court to launch case for slander

Tukuma Straume, manufacturer of Dogo dog food, has submitted documents to Riga City Vidzeme District Court to launch legal action against 17 private and legal persons for spreading untrue, partial and distorted information about the aforementioned product.

Meet «average candidate» for near Lithuanian parliamentary election

It‘s a race that has coalesced many of Lithuania’s heavy-hitters, political wannabes and simply better-life seekers for the same goal – clinching the coveted seat at Parliament.

Estonian presidential nominees feel need for stronger link with Russian community

Days before the decisive vote on the next Estonian President, most candidates have stressed the need for increased communication with the country's Russian-speaking population to establish a stronger link.

119 domestic pigs are put down in Gulbene due to ASF

African swine fever has been recorded in Gulbene municipality’s Ranka parish. Because of it, authorities had to put down 119 domestic pigs.

Burgh Group and Vitol to acquire shares of Richards Bay Coal Terminal

A consortium comprising Burgh Group Holdings and Vitol has agreed to acquire Optimum Coal Terminal Pty Ltd from the Tegeta Group for an undisclosed sum, subject to the relevant regulatory approvals and other conditions precedent.

Quarter of Latvia’s small and medium-sized companies struggle with financial difficulties

Only half of more than 60,000 companies in Latvia have a stable financial situation. 26% of small and medium-sized companies are currently struggling financially. In the next twelve months, they are expected to experience major financial difficulties, according to data from the Credit Information Bureau.

YouTube to encourage users to «snitch» on inappropriate content

Popular video sharing site YouTube has this week announced a scheme to offer rewards to users reporting on videos and comments, which they think are inappropriate to YouTube content guidelines.

Belgian police take 13 immigrants to France by accident

Two Belgian policemen have been handcuffed and questioned in northern France by their French counterparts after being caught with 13 illegal migrants banned from staying in Belgium.

Transit industry: this is the golden moment to decide the future of Latvia’s national economy

Although Latvian Association of Ports CEO Karlis Leiskalns praises the work of Riga Freeport, where he works as well, advisor to Latvia’s Foreign Affairs Minister Sandra Sondore and president of Baltic Association – Transit and Logistics Inga Antane emphasize the importance of all three of Latvia’s biggest ports for the growth of Latvia’s national Economy.

Coalition parties will not form a shared candidate list for elections in Riga

Parties of the ruling coalition – Unity, National Alliance and Union of Greens and Farmers – decided on Thursday, 22 September, to cooperate before and after municipal elections in Riga. They will not, however, form shared candidate lists.

Eesti Energia considers building another plant, if oil price rises

Estonian energy company Eesti Energia (Enefit) has this week spoken of plans to build another oil shale refinery plant in case the price of crude oil surpasses USD 60 (EUR 53) per barrel.

Poroshenko: Russia lies even more than Soviet leaders

President Petro Poroshenko of Ukraine has directed sharp criticism toward Russian foreign policies in Europe during his September 21 speech at the UN General Assembly.

Criminal liability will be applied for serving in foreign army or police force

To reduce possible security risks in relation to military service in third countries, Latvian citizens and non-citizens will be prohibited from serving in foreign armies, police and security institutions. Breach of this prohibition will carry criminal liability with a sentence of up to four years in prison.

Proposal to merge SRS Finance Police and Customs Police is declined

Finance Minister Dana Reizniece-Ozola intends to look for ways to ensure the merging of State Revenue Service’s Finance Police and Customs Police.

Saeima proposes reviewing options to secure free lunches in kindergartens

On Thursday, 22 September, the Saeima decided to ask Cross-Sectoral Coordination Centre’s cooperation platform Demographic Affairs centre to review the option of securing free catering in kindergartens.

Tougher abortion legislation pushed for in Poland

The Polish parliament is this week reviewing proposals backed by Poland’s Catholic Church to make the country’s abortion law even tougher.

Saeima to approve next year’s budget on 23 November

Latvia’s parliament plans to approve the final draft of the country’s budget for 2017 on 23 November, as agreed upon by members of Saeima’s Budget-Finance Committee on Wednesday, 21 September.

EU plan on lifting roaming charges altered

The European Commission this week has announced changes to the European Union’s plan to lift roaming surcharges to people, who use their mobile phones in another member state.

Criminal liability for service abroad and other decisions viewed by Saeima

To reduce possible security risks associated with service abroad, the Saeima on 22 September will conceptually decide on a prohibition for Latvian citizens and non-citizens to serve in armies, police and security institutions in third countries. This is provided by amendments to the National Security Law and Criminal Law.

Newest comments