Analytics, Inflation, Latvia, Retail, Statistics
International Internet Magazine. Baltic States news & analytics
Saturday, 20.04.2024, 09:19
Latvia: During the year, the average level of consumer prices increased by 2.3%
Compared to 2015, in February 2020 consumer prices were
9.4% higher. Prices of goods increased by 7.7% and prices of services by 13.7%.
Over the year, prices within the group of food and non-alcoholic beverages increased by 4.4%. Prices of dried, salted or smoked meat (up by 10.4%), pork (14.3%), poultry (8.0%), and meat products (8.7%) had the most significant upward impact on the average price level within the group. Upturn was registered in prices of fresh fruit and fresh vegetables (of 19.4% and 7.4%, respectively). Rise was also recorded in prices of fresh or chilled fish (of 14.6%), bakery products (2.2%), flours and other cereals (5.3%), as well as rice (9.9%). Decline, in turn, was recorded in prices of coffee (of 4.4%), cheese and curd (1.1%), and sour cream (3.0%).
The average
level of alcoholic beverage and tobacco product prices went up by 1.5%. Prices
of alcoholic beverages grew by 0.9%, which was mainly due to the rise in prices
of spirits. Prices of tobacco products grew on average by 2.6%.
Within the
health care group, the average level of prices rose by 3.4%, which was mainly
due to the increase in prices of general medical practice and dental services,
as well as prices in medical specialist practice. Upturn was also registered in
prices of pharmaceutical products.
Prices of
goods and services related to transport increased by 2.7%, which was affected
by the rise in prices of fuels for transport (of 4.8%) – prices of petrol
increased by 9.0% and that of diesel by 2.4%, whereas the average level of auto
gas prices did not change over the year. Upturn was also recorded in prices of
maintenance and repair of personal transport equipment, as well as passenger
transport, including passenger transport by road, air and rail. Decline, in
turn, was recorded in the average level of second-hand motor car prices.
Prices of
goods and services related to recreation and culture grew by 1.9%. Over the
year, an upturn was registered in the average level of television subscription
fee, prices of package holidays, newspapers and magazines, as well as
recreational and sporting services.
During the
year, the average level of restaurant and hotel service prices went up by 3.5%.
The rise was mainly affected by prices of catering services, as the average
level of restaurant and café service prices increased by 3.7% and that of
canteen services by 4.9%.
The most
significant upturns among other commodity groups were recorded in prices of
heat energy, maintenance charges in multi-occupied buildings, prices of
telecommunication services, articles for personal hygiene and beauty products,
rentals for housing, refuse collection, hairdressing salons and personal
grooming establishment services, as well as garments. Downturns, in turn, were
registered in prices of natural gas, electricity and motor vehicle insurance.
Price
changes by commodity group
(as per cent)
Commodity
group |
Price
changes in February 2020, compared to |
||
February 2019 |
December
2019 |
January
2020 |
|
Total |
2.3 |
0.5 |
0.1 |
food |
4.4 |
2.7 |
1.0 |
alcohol, tobacco |
1.5 |
0.7 |
-0.5 |
clothing, footwear |
0.9 |
-7.7 |
1.4 |
housing |
0.1 |
-0.2 |
0.0 |
furnishings |
0.8 |
0.5 |
-0.4 |
health |
3.4 |
1.7 |
0.3 |
transport |
2.7 |
0.2 |
-1.5 |
communication |
2.3 |
1.1 |
0.0 |
recreation, culture |
1.9 |
0.2 |
0.6 |
education |
-0.5 |
0.1 |
0.0 |
restaurants, hotels |
3.5 |
1.0 |
0.8 |
miscellaneous |
0.9 |
1.6 |
-0.2 |
During the month, the average level of consumer prices increased by 0.1%
Compared to
January 2020, in February 2020 the average level of consumer prices
rose by 0.1%. Prices of services increased by 0.5%, while the average level of
prices of goods did not change. Rise in prices of food and non-alcoholic
beverages, clothing and footwear, goods and services related to recreation and
culture, restaurant and hotel services, as well as decline in prices of goods
and services related to transport, alcoholic beverages and tobacco products
exerted the greatest influence on the price changes.
Over the
month prices of food and non-alcoholic beverages grew by 1.0%. Prices of fresh
vegetables and fresh fruit (rise of 14.2% and 2.5%, respectively) had the
strongest upward influence on the average price level within the group.
Increase was recorded in prices of dried, salted or smoked meat (of 2.4%) and
poultry (1.6%). Upturn was also registered in prices of bakery products (of 1.9%),
curd (3.9%), sweets (5.6%), as well as fresh or chilled fish (4.6%). Downturn
during the month, in turn, was recorded in prices of pork (of 3.0%),
coffee (3.0%), yoghurt (4.8%), chocolate (3.7%), milk products (1.7%), pasta
products (5.8%), and eggs (2.9%).
The average
level of alcoholic beverage prices fell by 1.1%, which was mainly due to the
influence exerted by the sales of beer and spirits. The average level of
tobacco product prices increased by 0.5%.
Prices of
garments grew by 2.1% and prices of footwear by 0.2%.
Prices of
goods and services related to transport dropped on average by 1.5%. Prices of
fuels for transport reduced by 3.7%, of which prices of diesel by 4.4%, of
petrol by 3.1%, and of auto gas by 0.7%. Prices of passenger transport by air,
in turn, grew.
Prices of
goods and services related to recreation and culture grew by 0.6%. Rise was
observed in the average level of package holiday and flower prices.
The average
level of restaurant and hotel service prices went up by 0.8%. The growth was
mainly affected by catering service prices, as the average level of restaurant
and café service prices increased by 0.6% and that of canteen services by
0.9 %. Prices of hotel services grew on average by 2.3%.
The most
significant upturn among other commodity groups was recorded in prices of
pharmaceutical products and rentals for housing. Decline, in turn, was registered
in prices of articles for personal hygiene and beauty products as well as
materials for the maintenance and repair of the dwelling.
Information
on consumer price index changes in March 2020 will be published on
8 April.
*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.
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