Prices for alcohol and dairy products will grow insignificantly in Lithuania this year after being the main driver of the consumer price index in 2017, therefore, the inflation pace will slow down, says Nerijus Mačiulis, chief economist at Swedbank Lithuania.
© Shutterstock

"Last year, the inflation was mainly due to temporary factors. Alcoholic beverages saw the steepest increase last year, including a 30-percent rise in beer prices, a 10-percent rise in milk prices and restaurant and hotel services was the third category in terms of growth," Mačiulis told a news conference on Wednesday.

In his words, the price hike for services was mainly due to lack of employees and growing wages.

"This year, we do not project a jump of prices for alcohol, milk, grain and other food products. We think the growth should be under 3 percent," said the Swedbank economist.

Analysts of the bank project the 2017 inflation at 3.7 percent, with expected decline to 3.3 percent next year. The average wages should this year grow by 7 percent.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

European Commission approves €385 million support for production of electricity from renewable sources in Lithuania

The European Commission has approved, under EU State aid rules, a scheme to support electricity...

Klaipedos Nafta says not worried yet after Belarus stops fuel exports

Following the Belarusian oil product export monopoly's suspension of light oil product exports to...

Search for best startup begins: award that motivates to move forward

Last year, at the international start-up conference Startup Fair, “ Oxipit “, a start-up...

Government may provide extra EUR 400 mln for public-sector salaries

If a strategy for raising pay in the Lithuanian public sector is approved, almost 400 million...

Lithuania plans to deploy smart meters in public utility sector

The Lithuanian Energy Ministry expects to have in late June the results of a study into deploying a...