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Sunday 22.07.2018 | Name days: Marija, Marika, Marina

Consumer prices up 0.2% in Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to December 2013, the average consumer price level in December 2014 rose by 0.2%. Prices of goods have decreased by 0.9%, while prices of services grew by 3.3%. In 2013, consumer prices had declined by 0.4%.

Compared to December 2013, the greatest pressure on the price changes in December 2014 was put by rise in prices of alcoholic beverages and tobacco, services and goods related to housing, hotel and restaurant services, as well as by drop in prices of transport goods and services, food and non-alcoholic beverages, according to data compiled by the Central Statistical Bureau of Latvia

Like in December 2013, the average food price level in December 2014 as compared to the corresponding month of the previous year decreased (-0.8%). Milk and dairy products had the most significant lowering impact on the price level. Drop was also observed in prices of vegetables, meat and meat products; in turn, growth was recorded in prices of fish and fish products, tea and coffee, confectionery and honey, cheese, as well as of bread and cereals.

Prices of tobacco rose by 8.7%. The average price level of alcoholic beverages has increased by 0.2%.

During the year prices of goods and services related to housing increased by 1.3%. It was caused by the price growth for maintenance charges in multi-occupied buildings, water supply, sewage collection, services for maintenance and repair of the dwelling, actual rentals for housing; in turn, prices of refuse collection witnessed a fall.

In the transport group, prices declined by 5.2%, which was significantly affected by drop in prices of fuels for transport of 12.3%. Decrease was also recorded in the prices of spare parts and accessories for personal transport equipment. Growth was observed in the prices of maintenance and repair services of personal transport equipment and of passenger transport by sea and air.

Compared to December 2013, prices of hotel and restaurant services increased by 4.4%. Prices in cafés and restaurants had increased by 4.6%, in canteens – by 4.5%.

Among other commodity groups the most significant growth was recorded in prices of cultural services, non-durable household goods, clothing, and dental services; in turn drop was recorded in prices of footwear.

Administrated prices in 2014 decreased by 0.1%, while non-regulated prices grew by 0.2%.

Compared to the previous 12 months, the average consumer price level had increased by 0.6% over the last 12 months. In 2013 the average consumer price level during the 12 months did not change.

The average consumer price level in the Baltic States tends to change similarly, showing a distinct downward tendency since the beginning of 2012. However, in 2014 Latvia in contrast to the other Baltic States witnessed an increase.

Compared to the previous month, consumer prices had decreased by 0.6% in December 2014. Prices of goods had decreased by 1.0%, while prices of services rose by 0.3%.

The greatest pressure on the consumer prices in December was put by drop in prices of transport goods and services, clothing and footwear, alcoholic beverages and tobacco, goods and services related to housing.

Compared to November 2014, prices of food declined by 0.1%, which was affected by seasonal drop in prices of fruit (-2.4%), and vegetables (-1.5%); also prices of soft drinks, tea and coffee decreased. Drop was recorded in prices of sugar, confectionery and honey. Compared to November growth was recorded in prices of milk and dairy products, meat and meat products, as well as of fish and fish products.

Prices of alcoholic beverages had declined by 1.1%, which was affected by discounts for beer and spirits. Prices of wine grew by 1.2%. Tobacco prices had decreased by 0.4%.

Affected by seasonal discounts and sales, prices of footwear had dropped by 7.2% and prices of clothing – by 1.8%.

Due to decrease in natural gas sale prices, heat energy tariffs in December declined by 1.1%. Decrease was recorded in prices of services for maintenance and repair of the dwelling, materials for the maintenance and repair of the dwelling. Actual rentals for housing increased.

Price drop of 6.5% for fuels for transport had the most significant effect on the price level in transport group. Passenger transport by sea and passenger transport by air became more expensive.

The most notable drop among other consumption groups was recorded in the prices of individual care goods. Prices of package holidays increased.


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