During the year the average level of consumer prices increased by 0.4%

10.04.2015

According to the latest data of the Central Statistical Bureau (CSB), compared to March 20141, the average consumer price level in March 2015 grew by 0.4%.  Prices of goods decreased by 0.4%, while prices of services grew by 2.7%. Compared to the previous 12 months, the average consumer price level over the last 12 monthsincreased by 0.5%.

Changes in consumer prices in 2014 and 2015

(% over the corresponding month of the previous year)

Commodity group impact on Consumer Price Index during the last 12 months

(percentage points)

Data source: Central Statistical Bureau of Latvia

 

The greatest pressure on the average level of consumer prices in March 2015, as compared to March 2014 was put by increase in prices of goods and services related to housing, alcoholic beverages and tobacco, hotel and restaurant services, health care, as well as by drop in prices of transport goods and services, food and non-alcoholic beverages.

The average food price level in March 2015 as compared to the corresponding month of the previous year decreased by 1.2%. Drop in prices of milk and dairy products (-10.1%) had the most significant impact on the price level. Drop was also observed in prices of vegetables, meat and meat products, oils and fats, sugar, cheese, fish and fish products. In turn, growth was recorded in prices of tea and coffee, confectionery and honey, bread and cereals.

Prices of tobacco rose by 5.4%. The average price level of alcoholic beverages grew by 0.9% which was affected by increase in prices of beer and spirits. In turn wine became cheaper.

During the year prices of goods and services related to housing increased by 5.1%. Growth was recorded in prices of electricity, water supply, sewage collection, maintenance charges in multi-occupied buildings, services for maintenance and repair of the dwelling; in turn, prices of heat energy, solid fuels and gas witnessed a drop.

During the year the average health care price level increased by 1.5%. Growth was recorded in prices of consultations at specialist practice, pharmaceutical products, dental services, while drop was observed in prices of hospital services.

In transport group the average price level declined by 4.8%, which was significantly affected by drop in prices of fuels for transport of 13.9%. Decrease was also recorded in prices of spare parts and accessories for personal transport equipment, passenger transport by air. Rise was observed in prices of services of passenger transport by railway and road.

Compared to March 2014, prices of restaurant and hotel services increased by 3.6%. Prices in cafés and restaurants grew by 3.8%, in canteens - by 3.3%, and prices of accommodation services - by 1.9%.

Among other commodity groups, the most significant growth was recorded in prices of cultural services, non-durable household goods, services of hairdressing salons and personal grooming establishments. In turn drop was recorded in prices of package holidays, footwear.

Compared to the previous month, consumer prices in March 2015 grew by 0.8%. Prices of goods increased by 1.0%, and prices of services – by 0.4%.

The greatest pressure on consumer prices in March was put by growth in prices of clothing and footwear, transport goods and services, food and non alcoholic beverages, recreation and culture, as well as by drop in prices of goods and services related to housing.

Prices of food grew by 0.4%. Affected by seasonal factors, rise was observed in prices of vegetables (+2.4%), mainly cucumbers, sweet peppers and fresh cabbage. In turn tomatoes became cheaper. Prices of meat and meat products, ground coffee, sugar, cheese increased.

Prices of milk and dairy products, oils and fats, fruit witnessed a drop.

The growth in prices of clothing and footwear was affected by the end of seasonal sales campaigns and entering of new seasonal goods to the market. Prices of clothing increased by 9.2% and of footwear – by 12.7%.

Due to decrease in natural gas sale prices, heat energy in March on average became cheaper by 2.2%. Increase was recorded in prices of materials for the maintenance and repair of the dwelling.

In transport group the average price level grew by 1.8%, which was affected by growth of 4.3% in prices of fuels for transport.

Prices of spare parts and accessories for personal transport equipment decreased by 1.5%.

In recreation and culture group prices grew by 1.1%. The greatest pressure on the average price level in the group was put by growth in prices of package holidays, flowers, books, as well as by drop in prices of food for pets.

The most notable rise in other consumption groups was recorded in the prices of beer, non-durable household goods. Increase was observed in commission fee for payment of bills in the national postal service "Latvijas Pasts". Affected by discounts, prices decreased for individual care goods, tobacco.

Consumer price changes by commodity group, %

Sub-indices having the greatest impact, percentage points

Commodity group

Price changes in March 2015, compared to:

March

2014

December 2014

February 2015

Total

0.4

1.2

0.8

Food

-1.2

0.9

0.4

Alcohol, tobacco

2.5

0.4

-0.1

Clothing, footwear

-0.2

0.0

9.9

Housing

5.1

4.4

-0.5

Furnishings

1.7

0.3

0.8

Health

1.5

-0.4

-0.1

Transport

-4.8

1.0

1.8

Communication

-0.2

-0.2

-0.2

Recreation, culture

0.0

1.0

1.1

Education

1.6

0.0

0.0

Hotels, restaurants

3.6

0.7

0.2

Miscellaneous

0.6

-0.3

-1.0

 

During the month

Clothing

+0.32

Fuels for transport

+0.24

Footwear

+0.18

Beer

+0.05

Vegetables

+0.05

Tobacco

-0.05

Individual care goods

-0.07

Heat energy

-0.09

 

During 12 months

Electricity

+0.87

Services of passenger transport by road

+0.17

Tobacco

+0.15

Tea, coffee

+0.12

Vegetables

-0.11

Heat energy

-0.17

Milk and dairy products

-0.30

Fuels for transport

-0.87

 
Information on Consumer Price Index in April 2015 will be published on May 12.

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

1 The annual measure of inflation. The annual measure of inflation that is used to compare the average monthly price level with the average price level in the corresponding month of the previous year.
2 The average annual measure of inflation. 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.

 

More information:
Consumer Price Indices Section
Dāvis Liberts
Tel. +371 67366867