Analytics, Inflation, Latvia, Markets and Companies

In comparison with the previous 12 months ², the average level of consumer prices during the last 12 months has gone up by 0.6%.

Changes in consumer prices in 2012 and 2013 (% over corresponding month of the previous year)

Data source: Central Statistical Bureau of Latvia

As compared to August 2012, the greatest upward pressures on the price changes in August 2013 were put by the rise in prices of food, alcoholic beverages and tobacco, whereas drop in the prices of transport, communication services, as well as housing had the most significant downward impact.

Within the food commodity group, rise was recorded in the prices of potatoes (+18.6%), fruit (+5.6%), milk and dairy products (+3.1%), while the most notable reduction was observed in the prices of eggs (-13.0%), sugar (-6.0%), tea and coffee (-6.5%).

Prices of alcoholic beverages have gone up by 4.1%, whereas tobacco prices – by 3.6%.

Transport group indicates a drop in the average annual prices of fuel (-3.3%) and motor cars (-3.2%).

Commodity group impact on Consumer Price Index over the last 12 months (percentage points)

During the year, due to the reduction in mobile telecommunication and Internet connection prices, the prices of communication services have diminished by 6.8%. The tariffs of heat energy decreased by 7.4% and of natural gas – by 5.1%.

The most notable increases among other consumption groups were recorded in the prices of individual care goods and pharmaceutical products, rise was also observed in the prices of services in cafés and restaurants. Prices of footwear as well as audio, video, photo, and data processing equipment have diminished.

In comparison with the previous month, consumer prices in August have reduced by 0.8%.Prices of goods have decreased by 1.1%, while prices of services – by 0.1%.

The greatest downward pressures on the consumer prices during the month were put by the seasonal drop in prices of food. Prices of clothing and footwear, as well as alcoholic beverages and tobacco also slightly diminished.

Under the seasonal influence, prices of vegetables have diminished on average by 27.9%. Reduction was recorded also in the prices of fresh meat (-1.4%), sugar (-1.1%), fish and fish products (-1.5%). In comparison with July, increase was observed in prices of eggs (+6.0%), bread (+3.7%), as well as oils and fats (+2.0%).

Due to the seasonal sales, prices of footwear reduced by 3.6%.

Affected by the discounts, prices of spirits have gone down by 2.3%, while prices of beer – by 1.4%.

In turn, prices of fuel for transport have gone up (+0.9%), as well as prices of motor cars (+1.7%), and passenger air transport services (+2.1%).

The most notable reduction among other consumption groups was recorded in the prices of individual care goods and Internet services, while increase – in the prices of pharmaceutical products.

During the year, due to the reduction in mobile telecommunication and Internet connection prices, the prices of communication services have diminished by 6.8%. The tariffs of heat energy decreased by 7.4% and of natural gas – by 5.1%.

The most notable increases among other consumption groups were recorded in the prices of individual care goods and pharmaceutical products, rise was also observed in the prices of services in cafés and restaurants. Prices of footwear as well as audio, video, photo, and data processing equipment have diminished.

In comparison with the previous month, consumer prices in August have reduced by 0.8%.Prices of goods have decreased by 1.1%, while prices of services – by 0.1%.

The greatest downward pressures on the consumer prices during the month were put by the seasonal drop in prices of food. Prices of clothing and footwear, as well as alcoholic beverages and tobacco also slightly diminished.

Under the seasonal influence, prices of vegetables have diminished on average by 27.9%. Reduction was recorded also in the prices of fresh meat (-1.4%), sugar (-1.1%), fish and fish products (-1.5%). In comparison with July, increase was observed in prices of eggs (+6.0%), bread (+3.7%), as well as oils and fats (+2.0%).

Due to the seasonal sales, prices of footwear reduced by 3.6%.

Affected by the discounts, prices of spirits have gone down by 2.3%, while prices of beer – by 1.4%.

In turn, prices of fuel for transport have gone up (+0.9%), as well as prices of motor cars (+1.7%), and passenger air transport services (+2.1%).

The most notable reduction among other consumption groups was recorded in the prices of individual care goods and Internet services, while increase – in the prices of pharmaceutical products.

Consumer price changes by commodity group, %

Information on Consumer Price Index in September 2013 will be published on October 8.

More detailed information on consumer price changes is available in the CSB database.

¹ The annual measure of inflation that is used to compare average monthly price level with the average price level in the corresponding month of the previous year.
² The average annual measure of inflation that is used to compare the average price level of the last 12 months with the average price level in 12 months of the previous year; employed in Maastricht inflation criteria estimates.