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HomeLatviaLatvian annual inflation drops to 2.1% in October

Latvian annual inflation drops to 2.1% in October

In October 2023 Latvian consumer prices declined 0.4 percent from this past September as the annual inflation rate (October 2023 against October 2022) dropped to 2.1 percent from 3.3 percent the month before, the Central Statistics Bureau reported on Friday.

The 12-month average consumer price level increased by 12.3 percent in October compared to the previous 12 months.

Compared to September 2023, in October 2023 the average level of consumer prices decreased by 0.4 percent. Decreasing prices of goods and services related to housing (0.4 percentage points), miscellaneous goods and services group (0.2 percentage points), alcoholic beverages and tobacco products (0.1 percentage point), as well as a rise in prices of food and non-alcoholic beverages (0.2 percentage points) contributed the most to the price level changes.

Over the month, prices of food and non-alcoholic beverages rose by 0.7 percent. Rising prices of fresh vegetables (10.2 percent) and fresh fruit (1.7 percent) had the strongest influence on the average price level. As the promotions ended, prices of butter (4.9 percent), coffee (0.9 percent), vegetable oil (4.2 percent), chocolate (1.5 percent), cheese and curd (0.6 percent), flours and other cereals (1.5 percent) increased. More expensive were olive oil (5.7 percent) and sweets (4.8 percent). In turn, due to the discounts, prices of dried, salted or smoked meat (1.6 percent), pork (0.9 percent), soft drinks (3.7 percent) fell. Prices of potatoes (2.9 percent), fruit and vegetable juices (2.4 percent) went down as well.

The average level of alcoholic beverage and tobacco prices reduced by 0.7 percent. Mainly due to discounts on spirits and wine, prices of alcoholic beverages went down by 1 percent. During the month, the average level of tobacco product prices remained the same.

The average price level of goods and services related to housing fell by 2.0 percent. During the month, the most significant price drop within the group was registered for electricity (5.7 percent) and thermal energy (3.5 percent). In turn, an increase was registered in prices of water supply, sewage collection and materials for the maintenance and repair of the dwelling.

Prices of goods and services related to transport decreased by 0.2 percent, which was mainly affected by the fall in prices of passenger transport by air by 10 percent. Prices of fuels for transport rose by (0.2 percent) mainly due to a rise in prices of diesel (1.7 percent). Auto gas rose in price by 0.2 percent, and prices of petrol reduced by 1.7 percent. Prices of spare parts and accessories for personal transport equipment, as well as maintenance and repair of personal transport equipment went up.

Within the miscellaneous goods and services group, prices decreased by 3.2 percent. Prices of articles for personal hygiene and beauty products went down, which was mainly because of discounts.

Among other commodity groups, the most notable fall was registered in prices of household cleaning and maintenance products, package holidays, footwear. Prices of garments, household furniture, restaurant and café services, pharmaceutical products increased.

Compared to October 2022, in October 2023 the average level of consumer prices was mainly influenced by rising prices of food and non-alcoholic beverages (1.1 percentage point), alcoholic beverages and tobacco products (0.5 percentage points), health care (0.5 percentage points), goods and services related to recreation and culture (0.4 percentage points), as well as a drop in prices of goods and services related to housing (1.3 percentage points) and goods and services related to transport (0.4 percentage points).

Over the year, prices within the group of food and non-alcoholic beverages increased by 4.3 percent. Price increases for bread (10.9 percent), bakery products (9.2 percent) and pasta products (10.3 percent) had the strongest upward influence on the average price level within the group. Prices of dried, salted or smoked meat (6.3 percent), pork (9.0 percent), meat preparations (6.9 percent) also went up. An upturn was recorded in prices of coffee (10.6 percent), fresh fruit (8.8 percent), olive oil (31.2 percent), ice cream (13.2 percent), fruit and vegetable juices (13.3 percent), sweets (21.3 percent), eggs (8.3 percent), potatoes (9.3 percent). In turn, a decrease was registered in prices of milk (16.7 percent), poultry (6.1 percent), butter (15.8 percent), milk products (5.3 percent), fresh vegetables (3.6 percent), vegetable oil (11.9 percent), cheese and curd (2.3 percent).

The average level of alcoholic beverage and tobacco product prices rose by 7.8 percent. As prices of beer, spirits and wine went up alcoholic beverages became more expensive (8.3 percent). Over the year, an average increase of 6.7 percent was observed in prices of tobacco products.

The average price level of goods and services related to housing fell by 6.6 percent. Over the year, the most significant prices reductions were for thermal energy (15.3 percent). Prices went down for solid fuels (25.5 percent), natural gas (25.7 percent), electricity (2.7 percent), sewage collection (4.9 percent). In turn, maintenance charges in multi-apartment buildings (7.5 percent), rentals for housing (7.8 percent), waste collection (13.6 percent) became more expensive. An upturn was recorded in prices for the maintenance and repair of dwellings, materials for the maintenance and repair of dwelling and water supply.

The average level of health care prices grew by 8.4 percent. Over the year, prices of pharmaceutical products, prices in medical specialists’ services, as well as dental services went up.

Prices of goods and services related to transport reduced by 3.3 percent, which was mainly affected by falling prices of fuels for transport by 8.4 percent. Prices of diesel went down by 9.9 percent, of petrol – by 5.2 percent, but of auto gas – by 14.5 percent. In turn, an increase was observed in prices of road passenger transport, maintenance and repair of personal transport equipment and other services related to personal transport equipment.

Prices of goods and services related to recreation and culture rose by 6.1 percent, as prices of pet food, recreational and sporting services, flowers, television subscription, newspapers and magazines went up as well.

Among other commodity groups, the most notable rise was registered in prices of catering services, household cleaning and maintenance products, telecommunication services, articles for personal hygiene and beauty products, garments.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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