Consumer prices in October 2023, when compared to September, went down in Latvia by 0.4%. Over the course of the year, however, prices have gone up by 2.1%, if compared to October 2022. September’s inflation was at 3.3%, according to data from the Central Statistical Bureau of Latvia.
The twelve-month average consumer price level, when compared to the previous period, went up by 12.3% in October.
In October 2023, as compared to September, the biggest effect on price changes came from housing-related goods and services (-0.4 percentage points), various goods and services group (-0.2 percentage points), alcoholic beverages and tobacco products (-0.1 percentage points), as well as food and non-alcoholic beverages (+0.2 percentage points).
Over the course of the month the prices of food and non-alcoholic beverages went up 0.7%.
The biggest upwards price effect in this group was observed for fresh vegetables (+10.2%) and fresh fruits (+1.7%). Prices went up for fresh butter (+4.9%), coffee (+0.9%), vegetable oil (+4.2%), chocolate (+1.5%), cheese and cottage cheese (+0.6%), baking flour and cereals (+1.5%). Olive oil was more expensive (+5.7%), as were sweets (+4.8%). Dried, salted and smoked meat was cheaper (-1.6%), pork (-0.9%), sparkling drinks (-3.7%). Prices went down for potatoes (-2.9%), as well as fruit and vegetable juice (-2.4%).
The average price level of alcoholic beverages and tobacco products went down by 0.7% over the course of the month. Prices of alcoholic beverages went down by 1%, which came from discounts on strong alcoholic beverages and wine. The average price level of tobacco prices remained unchanged over the course of the month.
The average price level of housing-related goods and services went down 2% over the course of the month. The biggest price drop in the group was observed for electricity (-5.7%) and heating energy (-3.5%). Water supply, sewer services and maintenance supplies and services were more expensive as well.
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Transport-related goods and services became 0.2% cheaper, which was largely caused by the 10% drop in air fares for passengers. Prices went up 0.2% on fuel (diesel fuel prices went up by 1.7%, auto gas price went up by 0.2%, and the price of petrol went down by 1.7%). Spare parts and accessories for personal vehicles became more expensive as well, as did vehicle maintenance and repairs.
Prices of various goods and services went down by 3.2%. Personal hygiene and beautification products became cheaper.
In other consumption products group the biggest price drop was for prices cleaning and care products, complex recreational services, shoes. Prices went up for clothes, housing furniture, restaurant and cafe services, and pharmaceutical products.
At the same time, the biggest influence on average price changes in October 2023, when compared to the same month of 2022, was for food and non-alcoholic beverages (+1.1 percentage points), alcoholic beverages and tobacco products (+0.5 percentage points), healthcare (+0.5 percentage points), healthcare (+0.5 percentage points), leisure and culture-related goods and services (+0.4 percentage points), as well as housing-related goods and services (-1.3 percentage points) and transport-related goods and services (-0.4 percentage points).
In the food and non-alcoholic beverages group prices went up by 4.3% over the course of the month.
The biggest effect on average price level’s rise was observed for bread (10.9%), pastry (9.2%) and pasta (10.3%) had the most significant impact on the increase in the average price level in this group during the year. Dried, salted or smoked meat (6.3%), pork (9%), meat products (6.9%) were more expensive. Prices increased for coffee (10.6%), fresh fruit (8.8%), olive oil (31.2%), ice cream (13.2%), fruit and vegetable juices (13.3%), sweets (21.3%), eggs (8.3%), potatoes (9.3%). Prices went down for milk (-16.7%), poultry meat (6.1%), butter (15.8%), dairy products (5.3%), fresh vegetables (3.6%), vegetable oil (11.9%), as well as cheese and cottage cheese (2.3%).
The average price level of alcoholic beverages and tobacco products went up by 7.8% over the course of the year.
The average price level of housing-related goods and services went down by 6.6%. The biggest price drop was observed for heating energy (-15.3%). Prices went down for solid fuel (-25.5%), natural gas (-25.7%), electricity (-2.7%), sewer services (-4.9%). Housing maintenance services (+7.5%), housing rent fee (+7.8%) and trash collection (+13.6%) became more expensive. Housing maintenance and repair services, construction materials and water supply-related goods became more expensive as well.
The average price level in healthcare went up by 8.4%. Pharmaceutical products, medical and dental services became more expensive as well.
Prices of transport-related goods and services went down by 3.3% over the course of the year, which was mainly caused by an 8,4% fuel price drop. Diesel fuel became 9.9% cheaper, petrol became 5.2% cheaper, and autogas – by 14.5% cheaper. Prices increased for passenger transportation by road, maintenance and repair of personal vehicles, and other services for personal vehicles.
Prices of goods and services related to recreation and culture increased by 6.1% over the year, as pet food, recreational and sports services, flowers, television subscriptions, newspapers and magazines became more expensive.
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