Analytics, Latvia, Statistics
International Internet Magazine. Baltic States news & analytics
Thursday, 28.03.2024, 14:04
During the year, the average level of consumer prices increased by 2.6% in Latvia
Compared to 2015, in July 2018 consumer prices have risen by 5.6%.
Prices of goods have increased by 3.9% and prices of services by 9.9%.
Compared to July 2017, in July 2018 the average level of
consumer prices was mainly influenced by the rise in prices of goods and
services related to transport, goods and services related to housing, alcoholic
beverages and tobacco products, prices in miscellaneous goods and services
group, prices of health care, as well as drop in prices of food and
non-alcoholic beverages.
Within the group of food and non-alcoholic beverages, the greatest
downward pressure on the price changes during the year was exerted by prices of
vegetables (reduction of 11.5%). Decline was also observed in the prices
of sugar (of 35.0%), fresh fruit (7.9%), coffee (8.0%), dried, salted or smoked
meat (1.7%), chocolate (5.0%), flours and other cereals (6.3%), and vegetable
oil (5.5%). Increase, in its turn, was recorded in prices of milk (of 7.0%) and
dairy products like butter (18.6%), sour cream (7.1%), cheese and curd (+3.0%),
as well as kefir (8.4%). Rise was also observed in prices of poultry (5.2%),
fruit and vegetable juices (8.8%), bakery products (2.7%), bread (2.0%), and
eggs (7.4%).
The average level of prices of alcoholic beverages and tobacco products
went up by 4.2%. Prices of alcoholic beverages grew by 3.4%, which was mainly
influenced by the rise in prices of spirits and wine. Prices of tobacco
products grew on average by 5.6%.
Prices of goods and services related to housing increased by 4.6%. An
upturn was registered in prices of solid fuels, heat energy, natural gas, water
supply, maintenance charges in multi-occupied buildings, as well as refuse
collection.
Within the health care group, the average level of prices went up by 2.9%.
Increase was recorded in prices of dental services and prices in medical
specialist practice, as well as prices of pharmaceutical products.
The main upward pressure within the group of goods and services related
to transport was applied by prices of fuels for transport (of 20.8%), of which
prices of diesel grew by 24.2%, of petrol by 18.5%, and of auto gas by 7.2%.
Increase was also recorded in prices of maintenance and repair of personal
transport equipment, while prices of second-hand motor cars fell.
Within the group of miscellaneous goods and services, the average level
of prices grew by 3.4%, which was mostly influenced by the rise in prices of
motor vehicle insurance. Rise was also recorded in prices of hairdressing
salons and personal grooming establishment services, financial services.
Decline, in its turn, was registered in prices of articles for personal hygiene
and beauty products.
Among other commodity groups, the most significant growth was recorded in
prices of catering services, garments, television subscription fee, and
telecommunication services. In its turn, a drop was observed in prices of
package holidays, as well as household cleaning and maintenance products.
During
the month, the average level of consumer prices fell by 0.8%
Compared to June, in July 2018 the average level of consumer prices
decreased by 0.8%. Prices of goods fell by 1.3%, while prices of services rose
by 0.4%. Decline in prices of clothing and footwear, food and non-alcoholic
beverages, alcoholic beverages and tobacco products had the greatest lowering
impact, while prices of goods and services related to housing, goods and
services related to recreation and culture had the most important upward
effect.
Over the month, prices of food and non-alcoholic beverages dropped by 1.2%.
Prices of fresh vegetables (drop of 14.3%) had the strongest lowering influence
on the average price level within the group. Decline was registered in prices
of coffee (of 3.8%), eggs (4.7%), cheese and curd (2.1%), fresh fruit (2.1%),
as well as dried, salted or smoked meat (0.9%). Rise, in turn, was recorded in
prices of butter (of 7.8%), potatoes (6.8%), fresh and chilled fish (8.1%),
poultry (1.5%), and pasta products (6.4%).
The average level of alcoholic beverage and tobacco product prices fell
by 0.4%. Prices of alcoholic beverages dropped by 0.8%, which was mainly
influenced by the decline in prices of beer and wine. As the excise duty rose
as of 1 July 2018, prices of tobacco products went up by 0.2%.
Mainly due to the influence exerted by discounts, prices of garments fell
by 9.3% and of footwear by 11.6%.
Prices of goods and services related to housing increased by 0.5%. Rise
was recorded in the average level of natural gas and heat energy prices, as
well as rentals for housing. As the new mandatory procurement and capacity
components came into force as of 1 July, the average level of electricity
prices dropped.
Within the recreation and culture group, the average level of prices rose
by 0.4%, which was mainly affected by the 5.9% increase in prices of package
holidays. Prices of pet foot rose as well. In its turn, the average level of
fiction book and flower prices reduced.
Among other commodity groups, the most notable decline was registered in
prices of articles for personal hygiene and beauty products, second-hand motor
cars, as well as household cleaning and maintenance products. Rise was observed
in prices of passenger transport by sea.
* The annual inflation reflects consumer price changes, comparing the
average price level in the comparison month with the average price level in the
corresponding month of the previous year.