During the year the average level of consumer prices increased by 1.2%

08.06.2015

According to the latest data of the Central Statistical Bureau (CSB), compared to May 20141, the average consumer price level in May 2015 grew by 1.2%. Prices of goods increased by 0.4% and prices of services – by 3.2%. Compared to the previous 12 months, the average consumer price level over the last 12 months2, grew by 0.6%.

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 May 2015, as compared to May 2014, was put by increase in prices of goods and services related to housing, recreation and culture, hotel and restaurant services, health care, as well as by drop in prices of transport goods and services.

The average food price level in May 2015 as compared to the corresponding month of the previous year increased by 0.2%. Affected by seasonal factors, prices of vegetables had the most significant impact on the price growth. Growth was also recorded in prices of tea and coffee, fruit, confectionery and honey, juices and soft drinks. In turn, drop was observed in prices of milk and dairy products, cheese, eggs, potatoes, meat and meat products, oils and fats, sugar.

During the year the average price level of goods and services related to housing increased by 5.4%. Growth was recorded in prices of electricity, water supply, sewage collection, maintenance charges in multi-occupied buildings; in turn, prices of heat energy witnessed drop.

During the year the average health care price level increased by 2.2%. Growth was observed in prices of pharmaceutical products, dental services, consultations at specialist practice. Drop was recorded in prices of hospital services.

In transport group the average price level declined by 3.0%, which was significantly affected by drop in prices of fuels for transport of 11.3%. Decrease was also observed in prices of spare parts and accessories for personal transport equipment, passenger transport by air. Increase was recorded in prices of services of passenger transport by railway and road, of maintenance and repair services of personal transport equipment, of parking services.

In recreation and culture group prices on average grew by 2.2%, which was affected by growth in prices of cultural services, food for pets, recreational and sporting services, newspapers and periodicals. Prices of package holidays witnessed drop.

Compared to May 2014, prices of hotel and restaurant services grew by 3.2%. Prices in cafés and restaurants increased by 3.8% and in canteens - by 2.9%. During the year the average price level of hotel services decreased by 2.1%.

Among other consumption groups, the most significant growth was recorded in prices of tobacco, non-durable household goods, services of hairdressing salons and personal grooming establishments.

Compared to the previous month, consumer prices in May 2015 grew by 0.6%. Prices of goods increased by 0.6% and prices of services – by 0.5%.

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

Prices of food grew by 1.0%. Affected by seasonal factors, prices of vegetables witnessed growth (+7.5%). Increase was mainly recorded for prices of carrots, sweet peppers, fresh cabbage. In turn, cucumbers and tomatoes became cheaper. Increase was also observed in prices of fruit, meat and meat products, and non-alcoholic beverages. In turn, decrease was recorded in prices of milk and dairy products, oils and fats, fish and fish products.

In May alcoholic beverages became cheaper (-1.3%), which was affected by discounts on spirits and beer. 

Prices of clothing increased by 2.8% and of footwear – by 0.3%.

In transport group the average price level rose by 0.9%, which was mainly affected by growth in prices of fuels for transport of 1.9%. Passenger transport by sea, parking services, purchase of motor cars became more expensive. Decrease was recorded in prices of spare parts and accessories for personal transport equipment.

Prices of recreational and cultural services grew on average by 0.7%. Increase was recorded in prices of cultural services, package holidays, TV, video, audio equipment; in turn, decline was observed in prices of garden products and flowers.

Among other consumption groups, the most significant growth was recorded in prices of hotel services, telecommunication services. In turn, prices of non-durable household goods witnessed decrease. 

Consumer price changes by commodity group, %

Sub-indices having the greatest impact, percentage points

Commodity group

Price changes in May 2015, compared to:

May

2014

December 2014

April

2015

Total

1.2

2.3

0.6

Food

0.2

2.5

1.0

Alcohol, tobacco

0.3

0.2

-0.8

Clothing, footwear

-0.2

6.5

1.8

Housing

5.4

4.5

0.2

Furnishings

1.6

-0.1

0.2

Health

2.2

0.5

0.3

Transport

-3.0

2.2

0.9

Communication

0.1

0.3

0.5

Recreation, culture

2.2

1.8

0.7

Education

1.6

0.1

0.1

Hotels, restaurants

3.2

1.8

0.8

Miscellaneous

1.9

0.5

0.1

 

During the month

Vegetables

+0.13

Fuels for transport

+0.11

Clothing

+0.11

Fruit

+0.07

Meat and meat products

+0.04

Milk and dairy products

-0.04

Beer

-0.04

Spirits

-0.05

 

During 12 months

Electricity

+0.87

Vegetables

+0.32

Services of passenger transport by road

+0.17

Tea, coffee

+0.15

Cultural services

+0.11

Heat energy

-0.17

Milk and dairy products

-0.35

Fuels for transport

-0.68

 
Information on Consumer Price Index in June 2015 will be published on July 8.

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

 

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
Nataļja Dubkova
Tel. +371 67366644