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Tuesday 25.07.2017 | Name days: Jēkabs, Žaklīna

Consumer prices decline 0.7% in Latvia

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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.


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