During the year, consumer prices rose by 0.5%

10.03.2014

Compared to February 2013, the average consumer price level in February 20141 rose by 0.5%. Prices of goods decreased by 0.3%, but prices of services grew by 2.5%. Compared to previous 12 months, average consumer price level in the last 12 months2 did not change.

Changes in consumer prices

% over corresponding month of the previous year

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

percentage points

Data source: Central Statistical Bureau of Latvia

As compared to February 2013, the greatest pressures on the price changes in February 2014 were put by the rise in prices of food, of alcoholic beverages and tobacco, of hotel and restaurant services, as well as by drop in the prices of transport goods and services.

During the 12 months, prices of food have risen by 0.8%. The most significant increase was recorded in prices of milk and dairy products (+6.8%), vegetables (+9.2%), meat and meat products (+1.0%), cheese (+4.7%), fish and fish products (+1.8%), as well as oils and fats (+2.0%). While the most notable reduction was observed in the prices of tea and coffee (-11.0%), fruit (-6.6%), eggs (-15.1%), sugar (-6.7%), as well as bread and cereal products (-0.5%).

Prices of alcoholic beverages grew by 2.5%, but of tobacco – by 1.4%.

During the 12 months, prices of hotel and restaurant services rose by 3.9% as prices in cafés and restaurants grew by 5.5%, in canteens – by 2.1%, but prices on accommodation services – by 1.9%.

Transport group indicates a drop in the average annual prices mainly of fuels for transport (-5.0%), of spare parts and accessories for personal transport equipment (-2.3%), while price growth was observed for maintenance and repair services of personal transport equipment (+2.7%).

The most notable rise among other consumption groups were recorded for maintenance charges in multi-occupied buildings, hairdresser services and cultural services.  Whereas price reduction was observed for heat energy, telecommunication services, footwear and pharmaceutical products.

In comparison with the month before, consumer prices in February 2014 did not change. Average price level of goods dropped by 0.2%, whereas of services rose by 0.4%.

The greatest pressures on the consumer prices during the month were put by the drop in prices of clothing and footwear, of personal care goods and services, as well as by rise in prices of food and alcoholic beverages and tobacco.

Prices of food and non-alcoholic beverages rose on average by 0.3%. The most significant increase was recorded in prices of bread and cereal products (+2.2%), milk and dairy products (+1.1%), oils and fats (+2.3%), cheese (+1.5%) and potatoes (+5.9%). Whereas prices diminished for meat and meat products (-0.6%), for vegetables (-1.7%), fruit (-1.8%) and sugar (-2.5%).

Prices of alcoholic beverages rose by 1.4% what was affected by the end of discounts on spirits, wine and beer.

Affected by winter season discounts and sales, prices in February continued to decrease on clothing and footwear. Prices of clothing reduced by 1.9%, of footwear - by 2.3%.

Affected by discounts prices of personal care goods dropped by 3.2%.

Along with the reduction of natural gas sale prices, heat energy tariffs fell down by 1.1%.

Among other consumption groups, increase was recorded in prices of package holidays, outpatient services, passenger transport by air, fuels for transport. While prices of non-durable household goods diminished.

Consumer price changes by commodity group, %

 

Sub-indices having the greatest impacts, percentage points

Commodity group

Price changes in February 2014, compared to:

February 2013

December 2013

January 2014

Total

0.5

0.6

0.0

Food

0.8

2.1

0.3

Alcohol, tobacco

2.2

2.4

1.0

Clothing, footwear

-0.9

-8.3

-2.0

Housing

0.6

0.6

-0.3

Furnishings

1.0

1.0

-0.5

Health

0.3

0.2

-0.4

Transport

-2.1

0.5

0.3

Communication

-2.8

-0.8

-0.3

Recreation, culture

1.3

1.8

0.5

Education

0.2

-0.1

0.0

Hotels, restaurants

3.9

1.7

0.2

Miscellaneous

2.6

0.2

-1.5

 

 

During a month

Bread and cereal products

+0.08

Package holidays

+0.06

Milk, cheese and eggs

+0.05

Fuels for transport

+0.04

Heat energy

-0.05

Non-durable household goods

-0.06

Clothing

-0.06

 Personal care goods

-0.07

 

During 12 months

Vegetables

+0.20

Maintenance charges in multi-occupied buildings

+0.16

Milk, cheese and eggs

+0.15

Cafés and restaurants

+0.12

Hairdresser services

+0.06

Tea, coffee

-0.12

Heat energy

-0.23

Fuels for transport

-0.31

 
Information on Consumer Price Index in March 2014 will be published on April 8.

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

 

 

More information:
Consumer Price Indices Section
Nataļja Dubkova
Tel. +371 67366644

 

 

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.
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.