Analytics, Inflation, Latvia, Markets and Companies
International Internet Magazine. Baltic States news & analytics
Thursday, 18.04.2024, 12:06
Annual inflation in Latvia constituted 2.6% in July
Compared to July
2016, in July 2017 the greatest pressure on the price changes was put by the
rise in prices of food and non-alcoholic beverages, goods and services related
to housing, prices in miscellaneous goods and services group, prices of
alcoholic beverages and tobacco products, as well as decline in prices of
clothing and footwear.
The average
level of food and non-alcoholic beverage prices increased by 6.6%. Rise was
recorded in prices of vegetables, meat and meat products, milk products,
butter, milk, cheese and curd, bakery products, fresh or chilled fish, eggs,
sugar, fresh fruit, and chocolate.
Within the group
of alcoholic beverages and tobacco products, the average level of prices went
up by 2.7%, which was mainly influenced by 5.4% growth in prices of tobacco
products. Prices of alcoholic beverages, of which beer, spirits and wine,
increased by 1.2%.
Over the year,
prices of garments dropped by 3.5% and prices of footwear by 8.8%.
Prices of goods
and services related to housing rose by 2.2%. Increase was observed in prices
of heat energy, natural gas, solid fuels, refuse collection, as well as
services for the maintenance and repair of the dwelling, whereas decline was
recorded in prices of materials for the maintenance and repair of the dwelling.
Within the
miscellaneous goods and services group, the average level of prices grew by 4.9%,
which was mostly due to the influence exerted by the rise in prices of motor
vehicle insurance as well as articles for personal hygiene and beauty products.
Within other
commodity groups, the most significant growth was recorded in prices of
telecommunication services, catering services, pharmaceutical products,
maintenance and repair of personal transport equipment, and prices of package
holidays. Decline was observed in prices of household cleaning and maintenance
products as well as passenger transport by air.
During the month, the average level of consumer prices decreased by 0.7%
Compared to June
2017, in July 2017 the average level of consumer prices decreased by 0.7%.
Prices of goods diminished by 1.2%, while prices of services increased by 0.4%.
In July, the
greatest pressure on the consumer price changes was put by the decline in
prices of clothing and footwear, goods and services related to transport, food
and non-alcoholic beverages, as well as by the growth in prices in
miscellaneous goods and services group, prices of alcoholic beverages and
tobacco products, as well as prices of goods and services related to housing.
Over the month,
prices of food and non-alcoholic beverages fell by 0.1%. Decline was recorded
in prices of coffee, cheese and curd, fresh vegetables, yoghurt, meat products,
dried, salted or smoked meat, fresh or chilled fish, as well as dried fruit and
nuts. Increase, in its turn, was observed in prices of pork, butter, potatoes,
poultry, sugar, as well as flours and other cereals.
The average
level of alcoholic beverage and tobacco product prices went up by 0.5%. Under
the influence of the end of discounts, prices of beer and spirits rose.
As the summer
season sales continued, prices of garments decreased by 12.6% and prices of
footwear by 9.4%.
During the
month, the average level of prices of goods and services related to housing
increased by 0.2%. As of 1 July, price of natural gas for households went
up on average by 3.7%. Rentals for housing rose, whereas prices of materials
for the maintenance and repair of the dwelling fell.
Prices of goods
and services related to transport diminished by 1.0%, which was mainly affected
by 3.2% drop in prices of fuels for transport. Increase was recorded in prices
of passenger transport by sea and passenger transport by air.
Within the
miscellaneous goods and services group, growth was observed in prices of motor
vehicle insurance (of 7.2%) as well as articles for personal hygiene and beauty
products.
Within other
commodity groups, the most notable decrease was recorded in prices of flowers,
pet food, hotel services, as well as household cleaning and maintenance
products. Increase, in its turn, was observed in prices of pharmaceutical
products.
Consumer price
changes by commodity group,% |
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Goods and
services having the greatest impact on consumer price changes, percentage points |
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Information on consumer price
changes in August 2017 will be published on 8 September.
More detailed information on
consumer price changes is available in the CSB database section Consumer Prices.
* 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.