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Thursday, 18.04.2024, 05:21
Greatest influence on prices in Latvia exerted by prices of food and non-alcoholic beverages in 2017
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%).
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.
Consumer price changes in
December 2017 by commodity group (as per cent, compared to the corresponding period)
Commodity
group |
December
2016 |
November
2017 |
Total |
2.2 |
0.0 |
food |
3.8 |
0.4 |
alcohol,
tobacco |
-0.3 |
-0.6 |
clothing,
footwear |
-0.7 |
-3.1 |
housing |
2.0 |
0.2 |
furnishings |
-1.8 |
-1.7 |
health |
3.0 |
-0.1 |
transport |
2.0 |
1.5 |
communication |
1.1 |
0.1 |
recreation,
culture |
1.4 |
0.8 |
education |
1.1 |
-0.1 |
restaurants,
hotels |
2.4 |
0.2 |
miscellaneous |
7.1 |
-1.4 |
In December, both rise in
prices of separate goods and services and seasonal sales and discounts were
observed. As a result, the average level of consumer prices did not change during
the month. Prices of goods fell by 0.2%, whereas prices of services grew by 0.5%.
In December 2017, like in
the December of 2016, the greatest pressure on the consumer price changes was
put by the growth in prices of goods and services related to transport, as well
as food and non-alcoholic beverages. In the same time, the price rise was
compensated by the seasonal sales of clothing and footwear, furnishings, and
articles for personal hygiene and beauty products.
In December, the average level
of food and non-alcoholic beverage prices grew by 0.4%. Like the year before,
in December 2017 the greatest pressure on the consumer price changes within the
group was put by the growth in prices of fresh vegetables (of 5.8%). However,
as prices of some vegetables, such as tomatoes and sweet pepper, went up
sharply in November, the price rise recorded in December 2017 was lower than
that registered in December 2016. Over the month, discounts led to the
reduction in prices of fish and seafood, as well as sugar and coffee, prices of
which rose in December 2016 as the sales ended. For the third month in a row,
prices of eggs kept growing (compared to the previous month by 0.8% in October,
by 9.3% in November and by 7.2% in December). Increase was registered also in
prices of milk products, poultry, pork, oils and fats, bread, as well as fruit
and vegetable juices. Discounts, in turn, led to the reduction in prices of
fresh fruit, chocolate, flours and other cereals.
Unlike the year before, in
December 2017 prices of alcoholic beverages fell due to sales campaigns (0.9%).
Decline was observed in prices of beer and spirits.
Similar to the past years, the
average level of prices within the clothing and footwear group dropped.
Affected by seasonal sales, prices of footwear diminished by 7.0% and prices of
garments by 1.9%.
Prices of furnishings declined
by 1.7%. Under the influence of sales, prices of household cleaning and
maintenance products, mainly washing powder and liquid detergents for linen,
fell by 4.9%. Reduction was registered in prices of non-electric kitchen utensils
and articles.
In December 2017, like in the
previous year, prices of goods and services related to transport increased (by
1.5%), which was mainly influenced by the rise of 1.9% in prices of fuels for
transport, of which petrol (of 2.1%) and diesel (2.1%). Prices of fuels for
transport have been growing every month since August – by 0.3% in August, by
3.8% in September, by 2.2% in October and by 1.4% in November. In December,
price rise was observed in passenger transport by air and passenger transport
by sea.
Within the miscellaneous goods
and services group, prices of articles for personal hygiene and beauty products
under the influence of sales fell by 3.0%.
Among other commodity groups,
the most significant growth was recorded in prices of heat energy, package
holidays and pet food.
Information on consumer price
index changes in January 2018 will be published on 12 February.
More detailed information on
consumer price changes is available in the CSB database section Consumer Prices.
* 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.