During the year, consumer prices rose by 0.3%
Compared to March 2013, the average consumer price level in March 20141, rose by 0,3%. Prices of goods decreased by 0.5%, while prices of services grew by 2.6%. Compared to the previous 12 months, the average consumer price level in the last 12 months2 has not changed.
Changes in consumer prices in 2013 and 2014
% over corresponding month of the previous year
Commodity group impact on Consumer Price Index over the last 12 months
Data source: Central Statistical Bureau of Latvia
The greatest pressure on the average level of consumer prices in March 2014, as compared to March 2013, was put by the increase in prices of hotel and restaurant services, recreational and cultural goods and activities, individual care goods, as well as by the price drop of transport goods and services and communication services.
During the 12 months, prices of food decreased by 0.3%. The most notable price drop was recorded for tea and coffee, eggs, vegetables, fruit, bread and cereals, sugar. The most significant increase was recorded in prices of milk and dairy products, cheese, potatoes, meat, as well as of fish and fish products.
Transport group indicated a drop in the prices of fuel (-3.4%) and of spare parts and accessories for personal transport equipment (-2.7%), while price growth was observed for maintenance and repair services of personal transport equipment (+2.7%).
During the year prices of communication services decreased by 2.8% due to drop in the prices of wireless telephone services and internet access provision services.
In recreation and culture group prices on average grew by 1.8%, which was affected by price growth for cultural services, newspapers and periodicals, as well as for package holidays.
During the 12 months, prices of hotel and restaurant services rose by 3.6% as prices in cafés and restaurants grew by 5.1%, in canteens – by 2.1%, and prices on accommodation services – by 0.4%.
Prices of hairdresser services grew on average by 7.4%, while prices decreased for personal care goods (-1.1%).
Among other consumption groups major price increases were recorded for maintenance charges in multi-occupied buildings, solid fuel, tobacco and clothing. In its turn, price drop was observed for heat energy and pharmaceutical products.
As compared to the previous month, consumer prices in March 2014 rose by 0.3%. The average price level of goods increased by 0.4%, and prices of services – by 0.1%.
The greatest pressures on the consumer prices during the month were put by growth in prices of clothing and footwear, recreational and culture goods and activities, personal care goods and services, as well as by drop in the prices for food, alcoholic beverages and tobacco.
Seasonal factors and different sales campaigns caused drop in the prices for food and non-alcoholic beverages. The most notable decline was recorded in the prices of vegetables, bread and cereals, meat and meat products and fruit.
In its turn, price rise was recorded for cheese, milk and dairy products, fish and fish products.
Price of alcoholic beverages decreased by 3.3%, which was affected by sales campaigns for beer, spirits and wine. Price rise of 2.3% was recorded for tobacco.
The price growth for clothing and footwear can be explained with the end of seasonal sales campaigns and entering of the new seasonal goods to the market.The prices for clothing increased by 8.9% and for footwear – by 11.5%.
The prices for recreational and cultural goods and activities grew on average by 0.8%. Increase was also recorded for the prices of products for pets. Prices increased for garden plants and flowers, newspapers and periodicals. In its turn, price drop was observed for packages holidays.
Among other consumption groups, the most significant increase was recorded for the prices of fuel. In its turn, prices decreased for spare parts and accessories for personal transport equipment.
Consumer price changes by commodity group, %
Sub-indices having the greatest impacts, percentage points
Consumer Price Indices Section
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1 The annual measure of inflation that is used to compare average monthly price level with the average price level in the corresponding month of the previous year.
2 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.
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