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Tuesday 18.02.2020 | Name days: Kintija, Kora

August’s inflation in Latvia reaches 3.2%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU

Compared to August 2018, the average level of consumer price rose by 3.2 % in August 2019. Prices of goods increased by 3.2 % and prices of services by 3.1 %. Compared to 2015, in August 2019 consumer prices were 8.9 % higher.

Prices of goods increased by 7.1 % and prices of services by 13.4 %.

Compared to August 2018, the average level of consumer prices was mainly influenced by the rise in prices of food and non-alcoholic beverages, goods and services related to housing, alcoholic beverages and tobacco products, goods and services related to recreation and culture, restaurant and hotel services, as well as clothing and footwear in August 2019, according to data from the Central Statistical Bureau of Latvia.

Over the year, prices within the group of food and non-alcoholic beverages increased by 4.5 %. Prices of vegetables (rise of 28.9 %) had the strongest upward influence on the average price level within the group. Upturn was observed in prices of bread (of 9.9 %), bakery products (7.4 %), flours and other cereals (17.3 %), as well as in prices of pork (of 12.1 %), dried, salted or smoked meat (3.5 %), and meat preparations (9.9 %). Increase was also recorded in the average level of prices of chocolate (of 5.6 %), fresh or chilled fish (10.6 %), and ice cream (5.5 %). Decline, in turn, was recorded in prices of fresh fruit (of 7.8 %), and coffee (7.2 %).

The average level of alcoholic beverage and tobacco product prices went up by 5.6 %. Prices of alcoholic beverages increased by 5.6 %, which was mainly influenced by the rise in prices of beer and spirits. Prices of tobacco products grew on average by 5.6 %.

The average level of prices of both garments and footwear went up by 3.7 %.

During the year, prices of goods and services related to housing rose by 3.9 %. Increase was registered in prices of electricity, heat energy, refuse collection, solid fuels, rentals for housing, as well as materials for the maintenance and repair of the dwelling. Reduction, in turn, was observed in natural gas prices.

Within the recreation and culture group, the average level of prices went up by 3.5 %, which was mainly influenced by the rise in prices of package holidays, television subscription fee, and flowers.

Prices of restaurant and hotel services grew on average by 4.5 %, which was mainly influenced by the upturn in hotel and restaurant service prices of 5.1 %. Prices of canteen services went up by 4.3 %.

Rise in prices of telecommunication services, passenger transport by air, maintenance and repair of personal transport equipment, dental services, as well as prices of services in medical specialist practice had significant upward influence on the price level over the year as well. The average level of motor vehicle insurance prices, in turn, reduced.

Compared to July 2019, the average price level in August 2019 increased by 0.2 %. Prices of goods increased by 0.1 % and prices of services by 0.4 %. Rise in prices of goods and services related to housing, clothing and footwear, goods and services related to recreation and culture, as well as decline in prices of food and non-alcoholic beverages exerted the greatest influence on the price changes.

Over the month, prices of food and non-alcoholic beverages dropped by 0.4 %. Seasonal decline (of 8.9 %) in the vegetable prices had the strongest lowering influence on the average price level within the group. Reduction was registered in prices of eggs (of 2.4 %), vegetable oil (2.9 %), pasta products (2.5 %), and yoghurt (1.0 %). Increase, in turn, was recorded in prices of coffee (of 2.9 %), dried, salted or smoked meat (1.0 %), bakery products (1.7 %), fresh or chilled fish (8.4 %), cheese and curd (1.2 %), tea (3.9 %), olive oil (5.9 %), pork (0.8 %), and bread (0.4 %).

During the month, the average level of prices of garments rose by 3.3 %, whereas prices of footwear fell by 3.4 %.

The average level of prices of goods and services related to housing increased by 1.7 %, which mainly was influenced by the heat energy tariff rise of 6.4 %. Upturn was recorded in rentals for housing and prices of solid fuels.

Price level within the group of recreation and culture increased by 0.6 %. Prices of package holidays (upturn of 11.0 %) had the greatest influence on the price rise. Reduction, in turn, was registered in prices of pet food, as well as stationery and drawing materials.

The most notable increase among other commodity groups was observed in prices of restaurant and hotel services. Reduction, in turn, was registered in the average level of prices of household cleaning and maintenance products, articles for personal hygiene and beauty products, as well as passenger transport by sea.

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