Goods prices fall, but service prices rise in Lithuania

According to Lithuania’s statistic office, prices for goods in the country are falling, while prices for services are rising, as a possible consequence of its adoption of the euro on January 1 2015..

"The level of services prices in Lithuania is still rather low, and an upward trend (in services prices) was observed in almost all eurozone newcomers," said Nadiezda Alejeva, the head of the Price Statistics Department at Statistics Lithuania, during a news conference on Monday July 13.

"We can see fluctuations on a monthly basis, but long-term monitoring shows a long-term decline in prices," she added.

Alejeva said factors that had impact on price fluctuations included low global oil product prices, and higher excise taxes on alcohol and tobacco, which came into effective in March this year.

Prices for goods dropped by 1.7 percent in June 2015 compared to June 2014, while prices for services rose by 3.1 percent. 

The general price level in the country declined by 0.5 percent over a year-on-year period.

Statistics Lithuania will continue to monitor price developments until the start of next year.