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Tuesday 07.04.2020 | Name days: Helmuts, Zina, Zinaīda
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Inflation in Latvia reportedly 2.3% at the end of 2019

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CSP, welfare, prices, inflationCompared to December 2018, the average level of consumer prices rose by 2.3 % in December 2019. Prices of goods have increased by 2.1 % and prices of services by 2.6 %.

Compared to 2015, consumer prices were 8.8 % higher in December 2019. Prices of goods have increased by 7.3 % and prices of services by 12.6 %, according to data from the Central Statistical Bureau of Latvia.

Compared to December 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, health care, as well as restaurant and hotel services in December 2019.

Over the year, prices within the group of food and non-alcoholic beverages increased by 2.4 %. The most significant upward influence was exerted by the prices of meat and meat products (upturn of 7.2 ), of which increase was registered in prices of dried, salted or smoked meat (of 6.9 %), pork (14.3 %), meat preparations (9.3 %), and poultry (1.6 %). Meat and meat products had considerable influence on the price level within the group throughout the whole year. Compared to December 2018, rise was also registered in prices of fresh fruit (of 14.6 %), bakery products (4.4 %), bread (2.8 %), sugar (6.9 %), as well as flours and other cereals (4.1 %). Along with the decline in world markets, coffee price fell by 6.4 %. Reduction was also recorded in prices of milk (of 5.1 %) and various milk products – cheese and curd (4.3 %), butter (4.8 %), and sour cream (2.3 %). Downturn was observed in prices of fresh vegetables (of 1.8 %).

The average level of alcoholic beverage and tobacco product prices went up by 4.3 %. Prices of alcoholic beverages grew by 3.9 %, which was mainly due to the rise in prices of beer and spirits. Prices of tobacco products rose on average by 4.9 %. Annual price rise was affected by the increase in excise duty on cigarettes as of 1 July 2019.

Prices of goods and services related to housing increased by 3.3 %, which was caused by the rise in prices of several public utility services.

Over the year, increase was registered in prices of electricity, heat energy, refuse collection, materials for the maintenance and repair of the dwelling, services for the maintenance and repair of the dwelling, as well as maintenance charges in multi-occupied buildings. In its turn, the average level of prices of natural gas and solid fuels reduced.

Within the health care group, the average level of prices rose by 2.4 %, which was mainly due to the increase in prices of dental services and prices in medical specialist practice. Upturn was also registered in prices of pharmaceutical products.

Prices of goods and services related to recreation and culture grew by 3.4 %. Over the year, rise was recorded in prices of package holidays, television subscription fee, pet food, recreational and sporting services, as well as toys.

The average level of restaurant and hotel service prices went up by 2.7 %. The price rise was mainly affected by catering services, as the average level of restaurant and café service prices increased by 3.1 % and that of canteen services by 3.7 %.

The most significant upturns among other commodity groups were recorded in prices of petrol, maintenance and repair of personal transport equipment, telecommunication services, hairdressing salons and personal grooming establishment services, higher education, articles for personal hygiene and beauty products, as well as garments. Downturns, in turn, were registered in prices of diesel and motor vehicle insurance.

Compared to November 2019, the average consumer price level dropped by 0.2 % in December 2019. Prices of goods fell by 0.5 %, while prices of services rose by 0.3 %. Drop in prices of clothing and footwear, prices in miscellaneous goods and services group, prices of furnishings, alcoholic beverages and tobacco products, goods and services related to housing, as well as rise in prices of goods and services related to transport, food and non-alcoholic beverages had the most significant effect on the price changes.

Over the month, prices of food and non-alcoholic beverages grew by 0.5 %. Prices of fresh fruit (rise of 6.0 %) had the strongest upward influence on the average price level within the group. Rise was registered in prices of pork (of 3.1 %), meat products (5.6 %), as well as dried, salted or smoked meat (1.0 %). Upturn was also recorded in prices of eggs (of 2.1 %), fresh vegetables (0.8 %), bread (0.7 %), as well as dried fruit and nuts (4.5 %). Decline was observed in prices of poultry (of 2.0 %), cheese and curd (1.9 %), chocolate (3.8 %), and coffee (1.8 %).

The average level of alcoholic beverage and tobacco product prices fell by 0.6 %, which was mainly influenced by the decline in wine and beer prices.

Due to the influence exerted by discounts, prices of garments fell by 3.0 % and of footwear by 7.2 %.

Prices of goods and services related to housing decreased by 0.3 %. Decline was recorded in prices of materials for the maintenance and repair of the dwelling as well as rentals for housing.

Prices in furnishings group fell by 1.4 %. Under the influence of sales, drop was registered in prices of household cleaning and maintenance products, as well as household furniture.

Prices of goods and services related to transport grew by 1.5 %, which was due to the rise in prices of passenger transport by air (of 16.9 %). The average level of prices of fuels for transport went up by 0.7 %, of which prices of petrol by 0.8 %, of diesel by 0.5 %, and of auto gas by 1.9 %. Upturn was registered in prices of maintenance and repair of personal transport equipment, as well as passenger transport by sea.

Within the miscellaneous goods and services group, prices fell on average by 1.3 %, which was affected by the discounts on articles for personal hygiene and beauty products.

The most significant downturn among other commodity groups was recorded in prices of package holidays, pharmaceutical products, and mobile telephone equipment.


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