Analytics, Inflation, Latvia, Retail, Statistics
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Friday, 19.04.2024, 13:17
During the year, the average level of consumer prices increased by 3.2%
Compared to 2015, in August 2019 consumer prices were
8.9% higher. Prices of goods increased by 7.1% and prices of services by 13.4%.
Compared to August 2018, in August 2019 the
average level of consumer prices was mainly influenced by the rise in prices of
food and non-alcoholic beverages, goods and services related to housing,
alcoholic beverages and tobacco products, goods and services related to
recreation and culture, restaurant and hotel services, as well as clothing and
footwear.
Over the
year, prices within the group of food and non-alcoholic beverages increased by
4.5%. Prices of vegetables (rise of 28.9%) had the strongest upward influence
on the average price level within the group. Upturn was observed in prices of
bread (of 9.9%), bakery products (7.4%), flours and other cereals (17.3%), as
well as in prices of pork (of 12.1%), dried, salted or smoked meat (3.5%), and meat
preparations (9.9%). Increase was also recorded in the average level of prices
of chocolate (of 5.6%), fresh or chilled fish (10.6%), and ice cream (5.5%).
Decline, in turn, was recorded in prices of fresh fruit (of 7.8%), and coffee
(7.2%).
The average
level of alcoholic beverage and tobacco product prices went up by 5.6%. Prices
of alcoholic beverages increased by 5.6 %, which was mainly influenced by
the rise in prices of beer and spirits. Prices of tobacco products grew on
average by 5.6%.
The average
level of prices of both garments and footwear went up by 3.7%.
During the
year, prices of goods and services related to housing rose by 3.9%. Increase
was registered in prices of electricity, heat energy, refuse collection, solid
fuels, rentals for housing, as well as materials for the maintenance and repair
of the dwelling. Reduction, in turn, was observed in natural gas prices.
Within the
recreation and culture group, the average level of prices went up by 3.5%,
which was mainly influenced by the rise in prices of package holidays,
television subscription fee, and flowers.
Prices of
restaurant and hotel services grew on average by 4.5%, which was mainly
influenced by the upturn in hotel and restaurant service prices of 5.1%. Prices
of canteen services went up by 4.3%.
Rise in
prices of telecommunication services, passenger transport by air, maintenance
and repair of personal transport equipment, dental services, as well as prices
of services in medical specialist practice had significant upward influence on
the price level over the year as well. The average level of motor vehicle
insurance prices, in turn, reduced.
Price
changes by commodity group
(as %)
Commodity
group |
Price
changes in August 2019, compared to: |
||
August
2018 |
December
2018 |
July 2019 |
|
Total |
3.2 |
2.3 |
0.2 |
food |
4.5 |
2.2 |
-0.4 |
alcohol, tobacco |
5.6 |
6.2 |
0.0 |
clothing, footwear |
3.5 |
-2.2 |
1.5 |
housing |
3.9 |
3.4 |
1.7 |
furnishings |
1.8 |
2.5 |
-0.7 |
health |
1.7 |
2.0 |
0.1 |
transport |
0.3 |
0.6 |
-0.2 |
communication |
1.8 |
2.2 |
-0.2 |
recreation, culture |
3.5 |
4.4 |
0.6 |
education |
2.6 |
-0.2 |
0.0 |
restaurants, hotels |
4.5 |
3.3 |
0.3 |
miscellaneous |
0.7 |
0.0 |
-0.9 |
During the month, the average level of consumer prices increased by 0.2%
Compared to
July 2019, the average price level in August 2019 increased by 0.2%. Prices of
goods increased by 0.1% and prices of services by 0.4%. Rise in prices of goods
and services related to housing, clothing and footwear, goods and services
related to recreation and culture, as well as decline in prices of food and
non-alcoholic beverages exerted the greatest influence on the price changes.
Over the
month, prices of food and non-alcoholic beverages dropped by 0.4%. Seasonal
decline (of 8.9%) in the vegetable prices had the strongest lowering influence
on the average price level within the group. Reduction was registered in prices
of eggs (of 2.4%), vegetable oil (2.9%), pasta products (2.5%), and yoghurt
(1.0%). Increase, in turn, was recorded in prices of coffee (of 2.9%), dried,
salted or smoked meat (1.0%), bakery products (1.7%), fresh or chilled fish
(8.4%), cheese and curd (1.2%), tea (3.9%), olive oil (5.9%), pork (0.8%), and
bread (0.4%).
During the
month, the average level of prices of garments rose by 3.3%, whereas prices of
footwear fell by 3.4%.
The average
level of prices of goods and services related to housing increased by 1.7%,
which mainly was influenced by the heat energy tariff rise of 6.4 %.
Upturn was recorded in rentals for housing and prices of solid fuels.
Price level
within the group of recreation and culture increased by 0.6%. Prices of package
holidays (upturn of 11.0%) had the greatest influence on the price rise.
Reduction, in turn, was registered in prices of pet food, as well as stationery
and drawing materials.
The most
notable increase among other commodity groups was observed in prices of
restaurant and hotel services. Reduction, in turn, was registered in the
average level of prices of household cleaning and maintenance products,
articles for personal hygiene and beauty products, as well as 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.