Analytics, Inflation, Latvia, Statistics
International Internet Magazine. Baltic States news & analytics
Friday, 29.03.2024, 00:17
During the year, the average level of consumer prices increased by 2.8% in Latvia
Compared to
2015, in August 2018 consumer prices were 5.5% higher. Prices of goods
increased by 3.8% and prices of services by 10.1%.
Compared to
August 2017, in August 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 10.6%). Decline was also observed in prices of sugar (of 29.7%),
chocolate (6.3%), flours and other cereals (7.3%), vegetable oil (6.0%), pasta
products (6.6%), coffee (1.9%), and pork (1.7%). Increase, in its turn, was
recorded in prices of milk (of 6.9%) and dairy products like sour cream (+9.7%)
and kefir (+8.5%). Rise was observed also in prices of fresh fruit (of 4.4%),
fruit and vegetable juices (13.3%), dried, salted or smoked meat (1.6%), eggs
(8.6%), and bread (1.6%).
The average
level of prices of alcoholic beverages and tobacco products went up by 5.9%.
Prices of alcoholic beverages grew by 6.1%, which was mainly influenced by the
rise in prices of spirits, beer and wine. Prices of tobacco products rose on
average by 5.4%.
Prices of
goods and services related to housing increased by 4.9%. An upturn was
registered in prices of solid fuels, heat energy, water supply, natural gas, in
maintenance charges in multi-occupied buildings and rentals for housing, as
well as in prices of refuse collection, sewage collection.
Within the
health care group, the average level of prices went up by 3.4%. Rise was
registered in prices of dental services, pharmaceutical products, and prices in
medical specialist practices.
Within the
group of goods and services related to transport, the main upward pressure was
applied by prices of fuel (of 19.8%), of which prices of diesel grew by 23.4%,
of petrol by 17.0%, and of auto gas by 6.9%. Increase was also recorded in
prices of maintenance and repair of personal transport equipment, while prices
of passenger transport by air and second-hand motor cars fell.
Within the
group of miscellaneous goods and services, the average level of prices grew by
4.3%, which was mostly influenced by the rise in prices of motor vehicle
insurance. Rise was recorded also in prices of hairdressing salons and personal
grooming establishment services, financial services.
Among other
commodity groups, the most significant growth was recorded in prices of
catering services, television subscription fee, and telecommunication services.
Prices of package holidays, in turn, dropped.
Commodity
group |
Price
changes in August 2018, compared to: |
||
August
2017 |
December
2017 |
July 2018 |
|
Total |
2.8 |
1.7 |
-0.1 |
food |
-0.2 |
-1.7 |
-0.8 |
alcohol,
tobacco |
5.9 |
6.6 |
0.0 |
clothing,
footwear |
0.2 |
-4.7 |
0.7 |
housing |
4.9 |
4.4 |
0.5 |
furnishings |
0.2 |
1.8 |
0.3 |
health |
3.4 |
3.0 |
0.6 |
transport |
7.2 |
3.6 |
-0.7 |
communication |
1.7 |
1.5 |
0.1 |
recreation,
culture |
-0.3 |
1.7 |
0.1 |
education |
0.3 |
-1.2 |
0.1 |
restaurants,
hotels |
3.4 |
2.8 |
0.6 |
miscellaneous |
4.3 |
2.1 |
-0.1 |
During
the month, the average level of consumer prices fell by 0.1%
Compared to
July, in August 2018 the average level of consumer prices decreased by 0.1%.
Prices of goods fell by 0.2%, while prices of services rose by 0.2%. The
greatest pressure on the consumer price changes was put by the drop in prices
of food and non-alcoholic beverages, goods and services related transport, as
well as the rise in prices of goods and services related to housing, clothing
and footwear, and health care.
Over the
month, prices of food and non-alcoholic beverages dropped by 0.8%. Vegetable
prices (drop of 17.5%) had the strongest lowering influence on the average
price level within the group. Reduction was also recorded in prices of poultry
(of 2.7%), bakery products (2.0%), fresh or chilled fish (6.0%), and ice
cream (3.6%). Rise, in its turn, was registered in prices of fresh fruit
(of 10.3%), coffee (5.6%), milk (3.0%), fruit and vegetable juices (4.7%), milk
products (1.5%), yoghurt (2.9%), and dried, salted or smoked meat (0.6%).
Mainly due
to the discounts, prices of footwear fell by 2.4%, while prices of garments
grew by 1.7%.
Prices of
goods and services related to housing increased by 0.5%. Upturn was observed in
the average level of rentals for housing, as well as prices of materials for
the maintenance and repair of the dwelling, and water supply.
The average
level of health care prices grew by 0.6%, which was affected by the growth in
prices of pharmaceutical products.
Prices of
goods and services related to transport reduced by 0.7%, which was mainly
affected by the decline in prices of passenger transport by air. The average
level of prices of fuels for transport dropped by 0.6%, of which prices of
diesel reduced by 0.5%, of petrol by 0.8%, and of auto gas by 0.9%. Decline was
registered also in prices of passenger transport by sea.
Among other
commodity groups, the most notable decline was registered in prices of articles
for personal hygiene and beauty products, spirits, as well as stationery and
drawing materials. Rise, in its turn, was observed in prices of beer, catering
services, package holidays, household cleaning and maintenance products, and
pet food.