Prices for consumer goods and services in May grew by 0.8 per cent

Statistics Lithuania informs that prices for consumer goods and services in May 2008 as compared with April grew by 0.8 per cent.

The diagram presents monthly changes in prices for consumer goods and services as compared with the previous month.

In May 2008, the most decisive impact on the total change in consumer prices was made by a 3.0 per cent increase in prices for the transport group of goods and services, 0.8 per cent – food products and non-alcoholic beverages, 0.6 per cent – housing, water, electricity, gas and other fuels, 1.3 per cent – health care group of goods and services, as well as by a 0.4 per cent price drop for recreational and cultural goods and services. The impact on the general consumer price change depends not only on the price change for a product, service, or a group thereof, but also on the specific weight of this expenditure in the total consumption expenditure.

Prices for each consumer goods and services in May 2008 as compared with April rose by 0.8 per cent.

Changes in prices for the group of transport goods and services were mainly influenced by a 4.9 per cent price rise for petrol, 7.8 per cent – diesel fuel, 2.1 per cent – passenger road transport services, 2.2 per cent – personal transport equipment technical maintenance and repair services, 2.4 per cent – liquefied gas for cars.

Changes in prices for the group of goods and services related to housing, water, electricity, gas and other fuels were mainly influenced by a 3.4 per cent increase in actual rentals for housing, 1.1 per cent price rise for materials for the maintenance and repair of the dwelling, 3.7 per cent – waste disposal, 0.6 per cent – services for the maintenance and repair of the dwelling. Liquefied gas for cooking went down in price by 0.2 per cent.

Changes in prices for the group of health care goods and services were influenced by a 0.9 per cent price rise for pharmaceuticals, 6.0 per cent – sanatorium, 2.1 – odontologists’, 1.9 per cent – medical services.

In May 2008, annual inflation (May 2008 against May 2007) made up 12.0 per cent. The annual inflation rate was mostly influenced by a 18.1 per cent price rise for food products and non-alcoholic beverages, 18.6 per cent – housing, water, electricity, gas and other fuels, 15.6 per cent – transport group of goods and services, as well as by a 3.4 per cent price drop for clothing and footwear.

Consumer goods showed an annual increase of 11.9, while services – of 12.5 per cent.

In May 2008, average annual inflation made up 8.5 per cent.

Price changes of key consumer goods and services groups in May 2008
Per cent

Commodity and service groups	Specific weight in total consumption expenditure	Growth, drop (-)
		May 2008 against				average annual
		April 2008	2007			2007–2008 05 2006–2007 05
			December		May
Total CPI	100,0	0,8	5,9	12,0		8,5
Food products and non-alcoholic beverages	25,7	0,8	7,5	18,1		14,7
Alcoholic drinks and tobacco products	6,6	1,0	13,4	18,2		9,9
Clothing and footwear	8,2	0,0	-4,1	-3,4		-4,7
Housing, water, electricity, gas and other fuels	12,4	0,6	7,4	18,6		14,6
Furnishings, household equipment and routine maintenance	6,4	0,3	2,9	4,9		3,1
Health care	5,3	1,3	6,3	11,4		8,8
Transport	11,5	3,0	10,0	15,6		9,4
Communications	4,1	0,0	-0,3	-4,1		-6,2
Recreation and culture	7,6	-0,4	1,5	1,4		0,4
Education	1,5	0,1	2,0	8,8		7,6
Hotels, cafes and restaurants	5,7	0,6	9,2	16,8		12,6
Miscellaneous goods and services	5,0	-0,2	4,0	9,1		7,8

Inflation – the decrease in the purchasing power of a currency unit, which manifests itself with a long-term increase in the average general price level.

Deflation – the increase in the value of a currency unit, which manifests itself with a decrease in the average general price level.

Annual inflation shows relative changes of the average price rate between the current month and the corresponding month of the previous year.

Average annual inflation shows relative changes of the average price rate between the average of the latest twelve months and the average of the corresponding previous twelve months.

The Press release on June 2008 CPI is due on 9 July 2008.

Acting Director General      Vilija Lapėnienė

Source: Lithuania’s Statistic

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