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Tuesday 21.11.2017 | Name days: Andis, Zeltīte

Consumer prices in Latvia decline 0.4%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUConsumer prices in 2013 reduced by 0.4%; of which prices of goods decreased by 1.0%, while prices of services increased by 1.2%. In 2012, consumer prices went up by 1.6%.

The greatest pressure on the average level of consumer prices in 2013 was put by the reduction in prices of transport and housing maintenance goods and services,as well as food. Rise was observed in prices of health and individual care goods and services, and catering services, according to Central Statistical Bureau of Latvia.

During the year, prices of food products have fell down by 0.6%. Reduction was recorded also in prices of tea and coffee, eggs, fruit, bread and cereal products, sugar as well as fresh meat. In its turn, prices of milk and dairy products, vegetables, sweets and honey grew.

Due to decline in energy resource prices, especially prices of heat energy and gas (of 8.5% and 5.0%, respectively), average level of housing service prices in 2013 declined by 0.9%. In 2012, an opposite trend was observed – prices of heat energy rose by 14.6%, while prices of gas increased by 12.0%. It should be noted that, in 2013, maintenance charges in multi-occupied buildings, rent, services for the maintenance and repair of the dwelling as well as solid fuel went up.

Mainly affected by the price changes in international oil and oil product markets, the greatest pressure on price level within the housing group was put by fuels for transport (-3.8%). Thus showing completely different trend than a year ago, when annual price growth constituted 4.5%.

During the year, due to the reduction in mobile telecommunication and Internet service prices, the prices of communication services diminished by 2.2%. Along with the developments in technological field, prices of telecommunication devices continued to fall.

As compared to the year before, slightly higher prices were recorded for hairdresser services (+5.2%) and dental services (+2.5%). Prices of catering services grew by 1.5%. Prices in cafés and restaurants increased on average by 4.2%, while, due to state and local government compensation for catering of pupils, reduction was observed in public authority canteens.

Rise was observed in prices of tobacco products (+2.7%) and spirits (+2.8%), while prices of beer declined (-5.9%).

Administrated prices in 2013 decreased by 2.7%, whereas non-administrated prices did not change.

In comparison with the previous 12 months, average level of consumer prices during the last 12 months has not changed. In 2012, the annual average consumer price level rose by 2.3%.

In comparison with November, consumer prices in December did not change: average level of prices of goods did not change, whereas prices of services rose by 0.2%. Similar trend was observed in previous years, when consumer price level in December stayed stable.

The greatest upward pressures on the consumer prices during the month were put by food (+0.8%) and transport goods and services (+0.6%), while downward – by clothing and footwear (-2.2%).

The most notable increase within the food group was observed in prices of vegetables, bread and cereal products, milk and dairy products, smoked and dried meat, juices and soft drinks. While significant reduction was recorded in prices of cheese, fresh meat, oils and fats.

The greatest influence in transport group was exerted by the growth in prices of fuel for transport (of 1.1%);  of which prices of petrol rose by 0.4%, of diesel – by 2.2% and of liquid petroleum gas – by 1.1%.

Affected by seasonal discounts and sales, the prices of footwear diminished by 5.3% and prices of clothing reduced by 0.9%.

Along with the reduction of natural gas sale prices, heat energy tariffs in December fell down by 1.8%.

Among other consumption groups, increase was recorded in prices of package holidays, spirits and beer, while prices of non-durable household goods and prices of vine diminished.


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