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Ceturtdiena 19.01.2017 | Name days: Alnis, Andulis
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Experts: inflation remains low in Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUConsumer prices have decreased slightly in June, by 0.2% in comparison with May. This is mainly due to cheaper food products, as concluded by Swedbank Senior Economist Lija Strasuna.

She notes that dynamics of prices of raw materials in the world continues being rather beneficial for Latvian consumers. For example, food prices in euro were 5% lower in June than it was one year prior. Oil was 35% cheaper.

Strasuna notes that prices of first necessity goods neither grow nor decline. «There are two exceptions that have seen notable increases in price in comparison with the previous year – electric energy and public transport in Riga. Free time and other pastimes are becoming more and more expensive in Latvia. For example, there has been a 3-5% increase in prices of beauty salons, cafes, restaurants, leisure and culture services,» – adds Swedbank representative.

The economist predicts that consumer price rise will become more rapid before the end of the year, as the positive influence from last year’s oil price decline will have disappeared by then. Inflation will nonetheless remain moderate. It may even be slightly more rapid than April’s predicted average inflation rate of 0.8%.

Meanwhile SEB Bank’s economic expert Edmunds Rudzitis notes that June traditionally marks the season of sales on clothes and footwear. Their prices usually drop by nearly 3% over the course of the month.

«The drop in prices (even higher than the one experienced in June in percentages) is expected to take place in the aforementioned category of goods in July as well. Monthly inflation rates were affected by the decline of housing prices in June. This is because the drop in prices of energy resources is becoming more and more apparent in the price of natural gas. With that, the price of heating services has become cheaper,» – said the economist.

Rudzitis notes – considering the recent decline in oil prices, fuel prices are not expected to grow in the next couple of months.

After the months of summer, which are traditionally months of deflation, autumn is expected to bring about a slightly more rapid price rise. Nevertheless, inflation will remain sufficiently low, concluded Rudzitis.

Ref: 103.109.109.6702


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