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Annual inflation in Latvia affected the most by prices of food and non-alcoholic beverages

Compared to December 2016, the average level of consumer prices rose by 2.2 % in December 2017. Prices of goods increased by 2.0 %, whereas prices of services by 2.6 %.

Previous year was characteristic with rise in the food prices. Prices of milk grew by 13.7 %, resulting in an increase in prices of dairy products – sour cream (26.5 %), kefir (16.8 %), butter (55.8 %), curd (5.8 %), cream (17.1 %), and cheese (2.6 %). Sharp upturn was recorded also in prices of eggs (24.7 %). Increase was observed in prices of dried, salted or smoked meat (4.1 %), pork (6.0 %) and poultry (2.6 %). Price rise witnessed also apples (34.1 %), potatoes (12.0 %) and bakery products (2.5 %), according to data from the Central Statistical Bureau of Latvia.

However, reduction was registered in prices of several food products: sugar (26.1 %), cucumbers (18.7 %), ground coffee (7.2 %), grapes (16.9 %), fresh or chilled fish (4.3 %) and sweet pepper (10.2 %). The average level of food and non-alcoholic beverage prices grew by 3.8 % over the year.

During the year, the expenses of car owners rose notably, which was caused by the significant increase in prices of motor vehicle insurance (of 64.1 %), fuels for transport (4.8 %), of which petrol of 6.3 % and diesel of 4.4 %. Growth was observed also in prices of maintenance and repair of personal transport equipment.

The average level of prices of goods and services related to housing as well as health care increased – by 2.0 % and 3.0 %, respectively. Rise was recorded in prices of heat energy (3.5 %), solid fuels (6.5 %), natural gas (9.8 %), refuse collection (6.2 %), as well as services for the maintenance and repair of the dwelling (3.4 %). Upturn in prices of health care was influenced by the growth in prices of pharmaceutical products (of 2.8 %) and dental services (5.7 %) as well as prices in medical specialist practices (2.6 %).

Within the miscellaneous goods and services group, the average level of prices grew by 7.1 %, which along with motor vehicle insurance price rise was mostly due to the increase in prices of articles for personal hygiene and beauty products.

In its turn, reduction in the average level of prices was observed within the furnishings group – of 1.8 %. Decline was registered in prices of household cleaning and maintenance products (of 6.1 %), household textiles, household furniture, and furnishings.

Among other commodity groups, the most significant growth was recorded in prices of second-hand motor cars, tobacco products, catering services, and telecommunication services. Decline, in turn, was observed in prices of passenger transport by air and passenger transport by road, spirits, beer, and footwear.

BNN

 
10-01-2018
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