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Sunday 19.05.2019 | Name days: Sibilla, Teika, Lita

Consumer price growth in Latvia was 2.9% in February

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to February 2018, the average level of consumer prices rose by 2.9 % in February 2019. Prices of both goods and services grew by 2.9 %.

Compared to 2015, in February 2019 consumer prices were 7.0 % higher. Prices of goods increased by 5.7 % and prices of services by 10.2 %. Compared to February 2018, in February 2019 the average level of consumer prices was mainly influenced by the rise in prices of goods and services related to housing, alcoholic beverages and tobacco products, food and non-alcoholic beverages, restaurant and hotel services, as well as prices in recreation and culture group, 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 1.0 %. Prices of fresh vegetables (rise of 13.5 %) and potatoes (increase of 23.9 %) had the strongest upward influence on the average price level within the group. Increase was also recorded in prices of bread (of 8.6 %), bakery products (5.3 %), flours and other cereals (7.5 %), and meat preparations (4.9 %). Reduction, in turn, was registered in prices of fresh fruit (of 8.3 %), coffee (6.8 %), eggs (7.5 %), milk (5.4 %), milk products (2.7 %), butter (7.2 %), sugar (10.0 %), and curd (4.6 %).

The average level of alcoholic beverage and tobacco product prices went up by 8.4 %. Prices of alcoholic beverages increased by 7.3 %, which was mainly influenced by the rise in prices of beer and spirits. Prices of tobacco products rose on average by 10.2 %.

During the year, prices of goods and services related to housing went up by 6.2 %. Increase was registered in prices of electricity, natural gas, solid fuels, water supply, refuse collection, heat energy, rentals for housing, and prices of sewage collection.

During the year, prices within the group of recreation and culture increased by 2.5 %. Upturn was recorded in television subscription fee, prices of pet food, recreation and sports services, as well as flowers.

The average level of restaurant and hotel service prices went up by 4.2 %. The rise was mainly affected by catering services – the average level of prices of restaurant and café services increased by 4.4 %, of canteen services by 4.4 %, and of fast food services by 3.8 %.

Among other commodity groups, the most significant growth was recorded in prices of garments, diesel, household cleaning and maintenance products, dental services, as well as telecommunication services. In its turn, the average level of petrol prices reduced.

Compared to January 2019, the average level of consumer prices rose by 0.1 %. Prices of goods increased by 0.1 %, while the average level of service prices did not change. The greatest pressure on the consumer price changes was put by the rise in prices within recreation and culture group, prices of alcoholic beverages and tobacco products, goods and services related to transport, as well as decline in prices in miscellaneous goods and services group.

Over the month, the average level of food and non-alcoholic beverage prices went up by 0.1 %. Prices of fresh vegetables (rise of 7.5 %), bakery products (4.1 %), potatoes (4.3 %), and meat products (2.1 %) had the strongest upward influence on the average price level within the group. Decline, in turn, was registered in prices of chocolate (5.5 %), butter (7.4 %), cheese and curd (2.1 %), fresh fruit (2.0 %), milk products (1.9 %), fresh or chilled fish (7.9 %), eggs (2.3 %), yoghurt (2.2 %), and pork (1.1 %).

The average level of alcoholic beverage and tobacco product prices went up by 0.5 %. Prices of alcoholic beverages, including beer and wine, rose by 0.4 %. Prices of tobacco products rose on average by 0.6 %.

Prices of goods and services related to housing decreased by 0.4 %. Mainly due to the sales, drop (of 1.3 %) was registered in prices of materials for the maintenance and repair of the dwelling. Decline was recorded in rentals for housing (of 0.9 %).

Prices of goods and services related to transport increased by 0.3 %. Rise was recorded in the average level of prices of passenger transport by air and second-hand motor cars.

Within the recreation and culture group, the average level of prices grew by 1.0 %, which under the influence of seasonal factors was mainly affected by 5.4 % rise in prices of package holidays. Increase was registered in prices of books and flowers.

The decline (of 1.1 %) in the average level of prices within miscellaneous goods and services group was mainly affected by the sales of articles for personal hygiene and beauty products.

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