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Friday 21.10.2016 | Name days: Severīns, Urzula

Consumer prices in Latvia up 0.1%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to August 2014, the average consumer price level in Latvia increased by 0.1% in August 2015. Prices of goods have declined by 0.8%, while prices of services have grown by 2.4%.

Compared to the previous twelve months, the average consumer price level over the last twelve months, increased by 0.4%, according to date from the Central Statistical Bureau of Latvia.

The greatest pressure on the average level of consumer prices in August 2015, as compared to August 2014, was put by growth in prices of goods and services related to housing, alcoholic beverages and tobacco, restaurant and hotel services, individual care goods and services, as well as by drop in prices of transport goods and services, food and non-alcoholic beverages.

The average food price level in August 2015, as compared to the corresponding month of the previous year, had decreased by 1.3%. Milk and dairy products, meat and meat products, oils and fats, cheese and potatoes had the most significant lowering impact on the price level. In turn, prices of fruit, vegetables, tea and coffee, bread and cereals witnessed growth.

The average price level of alcoholic beverages grew by 3.9%, which was significantly affected by increase in prices of beer and spirits. Prices of tobacco rose by 1.1%.

During the year prices of goods and services related to housing increased by 2.1%. Growth was recorded in prices of electricity, maintenance charges in multi-occupied buildings, actual rentals for housing; in turn, drop was observed in prices of heat energy, natural gas and solid fuel.

In transport group the average price level declined by 4.4%, which was significantly affected by drop of 14.2% in prices of fuels for transport. Decrease was recorded in prices of spare parts and accessories for personal transport equipment, passenger transport by air; in turn, increase was observed in services of passenger transport by railway and road, maintenance and repair services of personal transport equipment, parking services.

As compared to August of the previous year, prices of restaurant and hotel services witnessed growth. Prices in cafés and restaurants increased by 3.4%, and in canteens – by 3.6%. During the year the average price level of accommodation services grew by 1.0%.

Prices of individual care goods and services have increased by 2.0% during the year. Growth was recorded in prices of financial services, services of hairdressing salons and personal grooming establishments.

Among other consumption groups, the most significant growth was recorded in prices of footwear, non-durable household goods and pharmaceutical products; in turn, decrease was observed in prices of clothing and package holidays.

Compared to the previous month, consumer prices in August 2015 had decreased by 0.5%. Prices of goods had declined by 0.7%; and prices of services – by 0.1%.

The greatest pressure on consumer price changes in August was put by drop in prices of transport goods and services, food and non-alcoholic beverages, individual care goods and services, goods and services related to housing, as well as by growth in prices of alcoholic beverages and tobacco.

Prices of food had decreased by 1.3%. Affected by seasonal factors, prices of vegetables had dropped by 17.2%. This mainly applies to tomatoes, carrots, fresh cabbages, sweet peppers and cucumbers. Milk and dairy products became cheaper. In turn, increase was recorded in prices of meat and meat products.

The average price level of alcoholic beverages grew by 3.6%, which was affected by increase of excise duty rate as of 1 August 2015. Growth was mainly recorded in prices of beer, spirits and wine. Prices of tobacco had declined by 0.1%.

In August prices of heat energy decreased on average by 1.2%. Drop was recorded in prices of materials for maintenance and repair of the dwelling. In turn, growth was observed in prices of services for maintenance and repair of the dwelling, actual rentals for housing and solid fuel.

In transport group the average price level declined by 2.5%, which was mainly affected by drop of 5.4% in prices of fuels for transport. Prices of services of passenger transport by air and sea became cheaper. Second-hand motor cars became more expensive.

In August prices of individual care goods and services decreased by 1.2%.

Among other commodity groups, the most significant drop was recorded in prices of internet connection services and food for pets. In turn, increase was observed in prices of non-durable household goods, footwear, as well as of catering services.


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