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Saturday 18.11.2017 | Name days: Doloresa, Aleksandrs
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Economy Ministry: market prices will be dictated by residents' actions

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUExperience of other countries shows that euro adoption’s impact on price increase ranges within 0.2% – 0.3%. Therefore, experts advise Latvian residents to assess their purchasing power and use it wisely – by not buying products the prices of which were increased under the cover of euro adoption.

“Society is more or less self-evident in terms of the price matter. However, whether or not prices will rise will depend on residents. Right now the actions of some businessmen, who round prices in their expectation of the adoption of euro, cast a shadow over other entrepreneurs, making it seem like everyone is doing it. I urge residents to view the events of the next couple of months as economic elections – market prices will affect residents’ vote decisions – to buy or not to buy,” – Economy Ministry’s state secretary Juris Puce told BNN.

“According to the experience of other countries, euro adoption’s impact on domestic prices was generally insignificant – 0.3% in Estonia, 0.2% in Malta, 0.25% in Slovakia. This means that the statistical mean is within 0.2% – 0.3%. The aforementioned change in price will not affect bread prices at all, but the services of a hair dresser will only by impacted by 2.3 santim,” – Puce adds.

Price monitoring is being performed the beginning of 2013. There have not been any changes in 86% of monitored prices. “Prices have reduced in 7% and increased in 7% of all recorded cases. The largest increase is estimated to be only a couple of EUR. Fluctuations are mainly due to seasonality and general price fluctuations for raw materials and fuel in the world. Unfair price increase due to euro is an offence. This is why the Consumers Rights Protection Centre is monitoring the events on the market. Residents have control over prices as well – by not buying goods from such traders,” – Puce adds.

“Compared to Estonia, Latvia’s technical inflation should theoretically be smaller, as should be its influence in relation to euro. I would like to add that the success of traders and service providers will largely depend on luck. Competition and buyers’ choice should be the aspect to govern this,” – explains SEB Bank Board member Indreks Julge.

According to Estonia’s statistical data, residents grow more supportive for euro. “Residents remain concerned about everything becoming more expensive. However, upon noticing the insignificant impact on prices, people grow to support euro. People are mostly satisfied with the new currency – more than 70% support euro,” – Julge says.

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