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Inflation level in Latvia was 2.8% in August

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Compared to August 2017, the average level of consumer prices rose by 2.8 % in August 2018. Prices of both goods and services grew by 2.8 %.


Compared to 2015, consumer prices were 5.5 % higher in August 2018. Prices of goods have increased by 3.8 % and prices of services by 10.1 %, according to data from the Central Statistical Bureau of Latvia.
 

Compared to August 2017, in August 2018 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, prices of health care, as well as drop in prices of food and non-alcoholic beverages.
 

Within the group of food and non-alcoholic beverages, the greatest downward pressure on the price changes during the year was exerted by prices of vegetables (reduction of 10.6 %). Decline was also observed in prices of sugar (of 29.7 %), chocolate (6.3 %), flours and other cereals (7.3 %), vegetable oil (6.0 %), pasta products (6.6 %), coffee (1.9 %), and pork (1.7 %). Increase, in its turn, was recorded in prices of milk (of 6.9%) and dairy products like sour cream (+9.7 %) and kefir (+8.5 %). Rise was observed also in prices of fresh fruit (of 4.4 %), fruit and vegetable juices (13.3 %), dried, salted or smoked meat (1.6 %), eggs (8.6 %), and bread (1.6 %).
 

The average level of prices of alcoholic beverages and tobacco products went up by 5.9 %. Prices of alcoholic beverages grew by 6.1 %, which was mainly influenced by the rise in prices of spirits, beer and wine. Prices of tobacco products rose on average by 5.4 %.
 

Prices of goods and services related to housing increased by 4.9 %. An upturn was registered in prices of solid fuels, heat energy, water supply, natural gas, in maintenance charges in multi-occupied buildings and rentals for housing, as well as in prices of refuse collection, sewage collection.
 

Within the health care group, the average level of prices went up by 3.4 %. Rise was registered in prices of dental services, pharmaceutical products, and prices in medical specialist practices.
 

Within the group of goods and services related to transport, the main upward pressure was applied by prices of fuel (of 19.8 %), of which prices of diesel grew by 23.4 %, of petrol by 17.0 %, and of auto gas by 6.9 %. Increase was also recorded in prices of maintenance and repair of personal transport equipment, while prices of passenger transport by air and second-hand motor cars fell.
 

Within the group of miscellaneous goods and services, the average level of prices grew by 4.3 %, which was mostly influenced by the rise in prices of motor vehicle insurance. Rise was recorded also in prices of hairdressing salons and personal grooming establishment services, financial services.
 

Among other commodity groups, the most significant growth was recorded in prices of catering services, television subscription fee, and telecommunication services. Prices of package holidays, in turn, dropped.
 

Compared to July, the average level of consumer prices decreased by 0.1 % in August 2018. Prices of goods fell by 0.2 %, while prices of services rose by 0.2 %. The greatest pressure on the consumer price changes was put by the drop in prices of food and non-alcoholic beverages, goods and services related transport, as well as the rise in prices of goods and services related to housing, clothing and footwear, and health care.
 

Over the month, prices of food and non-alcoholic beverages dropped by 0.8 %. Vegetable prices (drop of 17.5 %) had the strongest lowering influence on the average price level within the group. Reduction was also recorded in prices of poultry (of 2.7 %), bakery products (2.0 %), fresh or chilled fish (6.0 %), and ice cream (3.6 %). Rise, in its turn, was registered in prices of fresh fruit (of 10.3 %), coffee (5.6 %), milk (3.0 %), fruit and vegetable juices (4.7 %), milk products (1.5 %), yoghurt (2.9 %), and dried, salted or smoked meat (0.6 %).
 

Mainly due to the discounts, prices of footwear fell by 2.4 %, while prices of garments grew by 1.7 %.
 

Prices of goods and services related to housing increased by 0.5 %. Upturn was observed in the average level of rentals for housing, as well as prices of materials for the maintenance and repair of the dwelling, and water supply.
 

The average level of health care prices grew by 0.6 %, which was affected by the growth in prices of pharmaceutical products.
 

Prices of goods and services related to transport reduced by 0.7 %, which was mainly affected by the decline in prices of passenger transport by air. The average level of prices of fuels for transport dropped by 0.6 %, of which prices of diesel reduced by 0.5 %, of petrol by 0.8 %, and of auto gas by 0.9 %. Decline was registered also in prices of passenger transport by sea.
 

Among other commodity groups, the most notable decline was registered in prices of articles for personal hygiene and beauty products, spirits, as well as stationery and drawing materials. Rise, in its turn, was observed in prices of beer, catering services, package holidays, household cleaning and maintenance products, and pet food.

BNN

10-09-2018
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