Analytics, Economics, Inflation, Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Tuesday, 16.07.2019, 01:47

The average level of consumer prices in Latvia increased by 2.8%

Dāvis Liberts, Consumer Price Indices Section, 08.04.2019.Print version
The latest data of the Central Statistical Bureau (CSB) show that in March 2019, compared to March 2018, the average level of consumer prices* rose by 2.8%. Prices of goods increased by 2.7% and prices of services by 2.9%.



Compared to 2015, in March 2019 consumer prices were 8.2% higher. Prices of goods increased by 7.1% and prices of services by 11.0%.




Compared to March 2018, in March 2019 the average level of consumer prices was mainly influenced by the rise in prices of goods and services related to housing, food and non-alcoholic beverages, alcoholic beverages and tobacco products, prices in recreation and culture group, prices of restaurant and hotel services, as well as goods and services related to transport.




Over the year, prices within the group of food and non-alcoholic beverages increased by 2.3%. Prices of fresh vegetables (rise of 16.4%) and potatoes (of 29.9%) had the strongest upward influence on the average price level within the group. Over the year, increase was also recorded in prices of bread (of 8.0%), flours and other cereals (10.3%), bakery products (3.4%), meat products (4.5%), fresh or chilled fish (10.2%), pork (2.2%), chocolate (3.7%), as well as dried, salted or smoked meat (1.0%). Reduction, in turn, was registered in prices of fresh fruit (of 4.4%), coffee (3.6%), cheese and curd (1.8%), as well as poultry (1.5%).


The average level of alcoholic beverage and tobacco product prices went up by 5.4%. Prices of alcoholic beverages increased by 3.0 %, which was mainly influenced by the rise in prices of beer and wine. Prices of tobacco products grew on average by 9.9%.


Over the year, prices of goods and services related to housing went up by 5.7%. Increase was registered in prices of electricity, natural gas, water supply, refuse collection, solid fuels, heat energy, and rentals for housing.


Within the group of goods and services related to transport, the main upward pressure was applied by prices of fuels for transport (increase of 2.9%). Prices of diesel rose by 5.5% and of auto gas by 9.4 %, whereas average level of petrol prices fell by 1.7%. Increase was recorded in prices of maintenance and repair of personal transport equipment, while prices of second-hand motor cars and passenger transport by air fell.


During the year, prices within the group of recreation and culture increased by 2.8%. Rise was recorded in television subscription fee, prices of package holidays, pet food, as well as recreation and sports services.


The average level of restaurant and hotel service prices grew by 3.6%. The main upward pressure on the increase was exerted by prices of catering services the average level whereof went up by 3.8%.


Among other commodity groups, the most significant rise was recorded in prices of garments, telecommunication services, dental services, as well as household cleaning and maintenance products. In its turn, the average level of footwear prices reduced.


Price changes by commodity group 
(as %)

Commodity group

Price changes in March 2019, compared to

March 2018

December 2018

February 2019

Total

2.8

1.7

1.1

food

2.3

1.7

0.9

alcohol, tobacco

5.4

5.7

2.2

clothing, footwear

0.7

0.0

8.7

housing

5.7

3.0

0.0

furnishings

1.1

1.1

-0.7

health

1.5

0.7

0.0

transport

1.2

-0.7

1.2

communication

2.6

1.8

1.0

recreation, culture

2.8

3.3

1.6

education

2.9

0.0

0.0

restaurants, hotels

3.6

0.3

0.0

miscellaneous

0.8

0.3

-0.7



During the month, the average level of consumer prices increased by 1.1 %

Compared to February 2019, in March 2019 the average level of consumer prices rose by 1.1%. Prices of goods increased by 1.3% and prices of services by 0.7%. Rise in prices of clothing and footwear, food and non-alcoholic beverages, alcoholic beverages and tobacco products, goods and services related to transport, as well as goods and services related to recreation and culture had the most important upward effect.






Over the month, the average level of food and non-alcoholic beverage prices went up by 0.9%. Prices of fresh vegetables (rise of 6.6%), chocolate (5.8%), dried, salted or smoked meat (1.3%), fresh or chilled fish (11.6%), eggs (4.2%), potatoes (7.6%), milk products (1.6%), cheese and curd (1.1%), yoghurt (2.5%), milk (1.9%), pork (1.2%), and tea (4.8%) had the strongest upward influence on the average price level within the group. Decline, in turn, was registered in prices of coffee (of 2.6%), fresh vegetables (1.2%), and bakery products (1.3%).


The average level of alcoholic beverage and tobacco product prices grew by 2.2%. Prices of alcoholic beverages rose by 3.7%, which was mainly influenced by rise of the excise duty on alcoholic beverages as of 1 March 2019.


Growth in prices of clothing and footwear typical for March was influenced by the fact that goods of the new season entered the market. Prices of garments increased by 7.5% and of footwear by 11.7%.


Prices of goods and services related to transport went up by 1.2%. The average level of prices of fuels for transport grew by 2.2%, of which prices of diesel by 2.1% and of petrol by 2.7%. 

Increase was recorded in prices of passenger transport by air as well as maintenance and repair of personal transport equipment. In its turn, the average level of second-hand motor car prices reduced.


Within the recreation and culture group, the average level of prices rose by 1.6%, which was mainly influenced by the 12.8% growth in prices of package holidays. Increase was registered in television subscription fee.


Among other commodity groups, the most significant upturn was recorded in prices of telecommunication services as well as materials for the maintenance and repair of the dwelling. In its turn, reduction was registered in the average level of prices of household cleaning and maintenance products, articles for personal hygiene and beauty products, as well as 






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