Growth in services prices in Lithuania due to rising incomes, finance minister says

Rimantas Šadžius
DELFI / Mindaugas Ažušilis

“Services prices have been on the increase for a couple of years now because of growing living standards and people’s incomes,” Šadžius told reporters after the Cabinet’s meeting on Monday.

“A rise in incomes means, on the one hand, the need to pay higher wages to those who provide these services, which increases the cost of services. On the other hand, this means an increase in paying services. It is due to these factors that services prices in Lithuania have been growing at a stable rate of around 2 percent in recent years,” he said.

Statistics Lithuania, which monitors prices for 100 basic consumer goods and services, says that service prices have shown an upward trend recently.

Services prices rose by 3.2 percent in March year-on-year and were up by 0.2 percent month-on-month.

Lithuania replaced its national currency, the litas, with the euro on 1 January 2015.

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