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Consumer prices declined 0.5% in Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn February 2016 average level of consumer prices reduced by 0.5 % compared to February 2015. Prices of goods decreased by 1.2 %, while prices of services increased by 1.4 %. Compared to the previous 12 months, during the last 12 months average level of consumer prices grew by 0.1 %.

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

Compared to the corresponding month of the previous year, in February 2016 average level of food prices increased by 0.3 %. The price changes within the food group were mainly affected by the rise in prices of meat and meat products, of which in prices of poultry, pork, as well as dried, salted or smoked meat. Prices of fruit, mainly of oranges and apples, increased. Rise was recorded also in prices of sugar, vegetables, flour and other cereals, whereas reduction was observed in prices of cheese and curd, milk, sour cream, butter, kefir.

Mainly due to the increase in beer prices, average level of alcoholic beverage prices went up by 5.4 %. Prices of spirits and wine rose as well. Prices of tobacco products have increased by 3.3 %.

During the year, prices of goods and services related to housing decreased by 4.1 %. Heat energy, natural gas, and electricity became cheaper, whereas maintenance and repair of the dwelling, as well as maintenance charges in multi-occupied buildings went up.

Due to the growth in prices of pharmaceutical products, average level of health care prices grew by 2.5 %. During the year, prices of dental services increased.

Mainly because of the drop in prices of fuels for transport (of 12.3 %), the level of prices within the transport group declined on average by 4.7 %. Compared to the year before, reduction was recorded in prices of services of passenger transport by air, spare parts and accessories for personal transport equipment, whereas rise was observed in prices of maintenance and repair of personal transport equipment, technical inspection.

Within the recreation and culture group, prices on average grew by 0.8 %. Increase was recorded in average level of prices of books, services provided by cinemas and theatres, as well as pet food. Prices of services of package holidays decreased.

Compared to February 2015, prices of restaurant and hotel services increased by 2.0%. Prices in cafés and restaurants increased by 2.3 %, and in canteens – by 2.1 %. During the year, average level of hotel service prices decreased by 5.3 %.

The most notable drop within other consumption groups were observed in prices of articles for personal hygiene and wellness, non-durable household goods.

During the month, average level of consumer prices increased by 0.1 %. Compared to January 2016, in February 2016 average level of consumer prices rose by 0.1 %. Prices of goods increased by 0.1 %, and prices of services – by 0.1 %.

The greatest upward pressure on the consumer price changes in February was put by prices of food and non-alcoholic beverages, alcoholic beverages and tobacco products, whereas the strongest downward pressure was applied by prices of goods and services related to transport, clothing and footwear, goods and services related to housing.

During the month, prices of food and non-alcoholic beverages grew by 1.2 %. Growth of 9.3 % in vegetable prices, as the greatest increase was recorded in prices of cucumbers and sweet peppers, had the most significant impact on the price level changes within the food group. Growth was observed in prices of fruit. Under the influence of the end of sales campaigns, rise was observed in prices of dairy products, sugar, other bakery products, pork, yoghurt, dried, salted or smoked meat, whereas reduction was recorded in prices of eggs, fruit and vegetable juices, chocolate.

Due to the end of beer, spirit and wine sales campaigns, average level of prices of alcoholic beverages increased by 2.1 %. Prices of tobacco products went up by 1.6 %.

Affected by February seasonal discounts and sales, prices of clothing have dropped by 1.6 %, and prices of footwear – by 3.7 %.

Average level of heat energy prices fell by 2.3 % and of electricity prices – by 0.2 %. Prices of solid fuel went down, while prices of maintenance charges in multi-occupied buildings went up.

Mainly affected by the drop of 3.3 % in prices of fuels for transport, average price level in transport group has declined by 1.3 %. Services of passenger transport by air became cheaper.

Among other consumption groups, the most significant rise was recorded in prices of pharmaceutical products, pet food, and package holidays. Prices of non-durable household goods, articles for personal hygiene and wellness have decreased.

Ref: 102.109.109.9792


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