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According to June data, annual inflation for the three Baltic states was only in Lithuania. According to statistical services, the consumer price index in Lithuania increased 1% during the year, while in Estonia and Latvia almost the same amount fell. Service prices in Lithuania increased by 5.5 percent during the year, in Latvia by 1.3 percent, and in Estonia they decreased by just over 1 percent.
“The fact that prices for vacation home services rose sharply in Lithuania last month, for example, shows that the Lithuanian economy is recovering faster than in neighboring countries, and the population tends to spend on vacation. Although the pandemic and the quarantine restrictions imposed financially affected a large part of the country’s population, for most of them their losses were short-lived and returned to their normal rhythm of life, “said G. Ilekytė in the report.
According to her, companies often try to revive the reduced consumption of the population due to the pandemic by lowering prices, but this also reduces the opportunities for companies to save jobs and increase wages, and decrease the population’s income. further reduces its consumption capacity.
According to June data, the share of fruit and cosmetics in the consumer goods category increased the most in Lithuania during the month, and fuel prices increased slightly. Due to the increase in supply during the season some vegetables, garden tools became cheaper.
In the service sector, the majority: 30 percent. – expensive home rest services. According to G. Ilekytė, this shows that tourist cities and rural tourism farms are receiving more tourists this year. At the same time, hotels, most of which are located in cities, are forced to cut prices as foreign tourist flows decline. Here they fell about 7 percent.
In Latvia and Estonia, the trends are similar: vegetables and fruits fell the most. Prices for hotels and restaurants in Latvia remained almost unchanged, while in Estonia they decreased slightly.
“This shows that domestic demand in the Baltic states is recovering unevenly, and Estonia, whose economy is more dependent on tourism, still suffers greatly,” he said.
According to Swedbank economists, the average salary in Lithuania will increase by about 2% this year, while in Latvia it will remain unchanged, and in Estonia it will grow by only half a percentage point.
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