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Monday 24.10.2016 | Name days: Renāte, Modrīte, Mudrīte

Consumer prices grow by 1.2% in Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to May 2014, the average consumer price level grew by 1.2% in May 2015. Prices of goods have increased by 0.4% and prices of services – by 3.2%. Compared to last year, the average consumer price level over the last twelve months grew by 0.6%.

The greatest pressure on the average level of consumer prices in May 2015, as compared to May 2014, was put by increase in prices of goods and services related to housing, recreation and culture, hotel and restaurant services, health care, as well as by drop in prices of transport goods and services, according to the latest data from the Central Statistical Bureau of Latvia.

The average food price level in May 2015, as compared to the corresponding month of the previous year, has increased by 0.2%. Affected by seasonal factors, prices of vegetables had the most significant impact on the price growth. Growth was also recorded in prices of tea and coffee, fruit, confectionery and honey, juices and soft drinks. In turn, drop was observed in prices of milk and dairy products, cheese, eggs, potatoes, meat and meat products, oils and fats, sugar.

During the year the average price level of goods and services related to housing increased by 5.4%. Growth was recorded in prices of electricity, water supply, sewage collection, maintenance charges in multi-occupied buildings; in turn, prices of heat energy witnessed drop.

During the year the average health care price level increased by 2.2%. Growth was observed in prices of pharmaceutical products, dental services, consultations at specialist practice. Drop was recorded in prices of hospital services.

In transport group the average price level declined by 3.0%, which was significantly affected by drop in prices of fuels for transport of 11.3%. Decrease was also observed in prices of spare parts and accessories for personal transport equipment, passenger transport by air. Increase was recorded in prices of services of passenger transport by railway and road, of maintenance and repair services of personal transport equipment, of parking services.

In recreation and culture group prices on average grew by 2.2%, which was affected by growth in prices of cultural services, food for pets, recreational and sporting services, newspapers and periodicals. Prices of package holidays witnessed a drop.

Compared to May 2014, prices of hotel and restaurant services grew by 3.2%. Prices in cafés and restaurants increased by 3.8% and in canteens – by 2.9%. During the year the average price level of hotel services decreased by 2.1%.

Among other consumption groups, the most significant growth was recorded in prices of tobacco, non-durable household goods, services of hairdressing salons and personal grooming establishments.

Compared to the previous month, consumer prices in May 2015 grew by 0.6%. Prices of goods have increased by 0.6% and prices of services – by 0.5%.

The greatest pressure on consumer prices in May was put by growth in prices of food and non-alcoholic beverages, transport goods and services, clothing and footwear, recreation and culture, as well as by drop in prices of alcoholic beverages.

Prices of food grew by 1.0%. Affected by seasonal factors, prices of vegetables witnessed growth (+7.5%). Increase was mainly recorded for prices of carrots, sweet peppers, fresh cabbage. In turn, cucumbers and tomatoes became cheaper. Increase was also observed in prices of fruit, meat and meat products, and non-alcoholic beverages. In turn, decrease was recorded in prices of milk and dairy products, oils and fats, fish and fish products.

In May alcoholic beverages became cheaper (-1.3%), which was affected by discounts on spirits and beer.

Prices of clothing increased by 2.8% and of footwear – by 0.3%.

In transport group the average price level rose by 0.9%, which was mainly affected by an increase of 1.9% in fuel prices. Passenger transport by sea, parking services, purchase of motor cars became more expensive. Decrease was recorded in prices of spare parts and accessories for personal transport equipment.

Prices of recreational and cultural services grew on average by 0.7%. Increase was recorded in prices of cultural services, package holidays, TV, video, audio equipment; in turn, decline was observed in prices of garden products and flowers.

Among other consumption groups, the most significant growth was recorded in prices of hotel services, telecommunication services. In turn, prices of non-durable household goods witnessed decrease.


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