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Consumer prices increase by 2.8% in Latvia; fuel prices up by 17.5%

Compared to June 2017, the average level of consumer prices rose by 2.8 % in June 2018. Prices of goods increased by 2.5 % and prices of services grew by 3.3 %. Compared to 2015, consumer prices had increased by 6.5 % in June 2018. Prices of goods grew by 5.3 %, while prices of services rose by 9.5 %.


Compared to June 2017, the average level of consumer prices was mainly influenced by the rise in prices of goods and services related to transport, goods and services related to housing, alcoholic beverages and tobacco products, prices in miscellaneous goods and services group, as well as prices of health care in June 2018, according to data from the Central Statistical Bureau of Latvia.
 

Within the group of food and non-alcoholic beverages, the greatest upward impact on the price changes during the year was exerted by prices of milk (+8.5 %) and such dairy products as butter (+20.0 %), sour cream (+7.0 %), cheese and curd (+2.7 %) and kefir (+7.2 %). An increase was also observed in the prices of poultry (+5.5 %), eggs (+10.9 %), fresh vegetables (+3.3 %), bread (+2.8 %), bakery products (+3.4 %), fruit and vegetable juices (+9.0 %) and pork (+3.3 %). In turn, a drop was recorded in the prices of sugar (-31.0 %), potatoes (-13.9 %), coffee (-7.8 %), fresh fruit (-6.0 %), fresh and chilled fish (-11.5 %), pasta products (-11.0 %), dried, salted or smoked meat (-1.2 %) and vegetable oil (-7.3 %).
 

The average level of prices of alcoholic beverages and tobacco products went up by 5.2 %. Prices of alcoholic beverages increased by 5.1 %, having been mainly influenced by a rise in the prices of spirits and wine. Prices of tobacco products grew by 5.4 % on average.
 

Prices of goods and services related to housing rose by 4.3 %. An increase was observed in the prices of solid fuels, heat energy, water supply, maintenance charges in multi-occupied buildings, rentals for housing, refuse collection, as well as sewage collection, whereas a drop was recorded in the prices of materials for the maintenance and repair of the dwelling.
 

Within the health care group, the average level of prices went up by 3.2 %. An increase was recorded in the prices of dental services and services of medical specialists, as well as prices of pharmaceutical products.
 

Within the group of goods and services related to transport, the price rise was mainly influenced by prices of fuel (+17.5 %), of which prices of diesel grew by 20.5 %, prices of petrol went up by 16.3 %, and prices of auto gas increased by 0.1 %. Growth was also recorded in the prices of maintenance and repair of personal transport equipment, as well as passenger transport by air.
 

Within the group of miscellaneous goods and services, the average level of prices grew by 5.1 %, which was mostly influenced by a rise in the prices of motor vehicle insurance. An increase was also recorded in the prices of services in hairdressing saloons and personal grooming establishments, while a decline was registered in the prices of articles for personal hygiene and beauty products.
 

In other commodity groups, the most significant growth was recorded in the prices of catering services, footwear, television subscription fee and telecommunication services. In turn, a drop was observed in the prices of package holidays, as well as household cleaning and maintenance products.
 

Compared to May 2018, the average level of consumer prices rose by 0.6 % in June 2018. Prices of goods increased by 0.4 % and prices of services grew by 1.1 %. Price changes were mainly impacted by an increase in the prices of goods and services related to transport, goods and services related to housing, alcoholic beverages and tobacco products, goods and services related to recreation and culture, as well as by a drop in the prices of clothing and footwear.
 

Over the month, prices of food and non-alcoholic beverages grew by 0.2 %. The most significant upward impact on the average price level within the group was exerted by the season-related growth in the prices of potatoes, which has also been recorded in the month of June in previous years. There was an increase in the prices of poultry (+3.1 %), cheese (+5.6 %), chocolate (+4.0 %) and bakery products (+1.7 %), whereas a drop was recorded in the prices of fresh vegetables (-5.0 %), fresh fruit (-3.3 %), fresh and chilled fish (-10.2 %) and butter (-6.0 %).
 

The average level of prices of alcoholic beverages and tobacco products went up by 1.2 %. Prices of alcoholic beverages increased by 1.6 %, as this was influenced by a 5.8 % increase in the prices of wine and a 2.0 % rise in the prices of beer. The average level of prices of tobacco products grew by 0.5 %.
 

Mainly due to the influence exerted by discounts, prices of footwear fell by 7.6 % and prices of garments dropped by 1.1 %.
 

Prices of goods and services related to housing rose by 1.2 %. There was growth in the average level of prices of water supply, rentals for housing, as well as sewage collection.
 

Prices of goods and services related to transport increased by 3.0 %, which was mainly influenced by an upturn in the prices of fuel (+4.5 %), including the prices of diesel (+4.7 %), petrol (+4.3 %) and auto gas (+ 2.9 %). Passenger transport by air became more expensive.
 

Within the recreation and culture group, the average level of prices grew by 1.0 %, which was mainly affected by a 13.2 % increase in the prices of package holidays. An increase was observed in the prices of pet food, while prices of flowers decreased.

BNN

10-07-2018
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