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Friday, 19.04.2024, 17:34
Lithuania's FinMin: growth of prices in March unrelated to euro adoption
According to Sadzius, the growth of service prices is related to the ever increasing standard of living and wages that are growing faster than prices. According to the minister, these factors determine that people can purchase more in spite of growing prices of services.
"Service prices grow stably at around 2% per year. () Let me remind you that wages grow by around 5% per year. Therefore we are able to purchase more and more services," the finance minister said.
Statistics Lithuania has announced the latest rates of 100 basic consumer goods and services. It transpired that in March the prices of evening cinema tickets rose by 5.7%, hairdressers' services by 3.3-5.4% and meals in cafes and restaurants by 3.5%.
Speaking about the prices of basic consumer goods Sadzius said they decreased after the euro adoption mostly due to deflation. Statistics Lithuania announced that a 1.4% average annual deflation was recorded in March. Whereas 0.8% inflation was recorded in April 2015 compared with March 2015.
According to the data of Statistics Lithuania, food product prices on average increased by 1.3% in March.