In November 2024, as compared to October, consumer prices in Latvia went up by 0.2%. Over the course of the year, however, consumer prices have increased by 2.2% when compared to November 2023, according to data from the Central Statistical Bureau of Latvia (CSP).
At the same time, the 12-month average consumer price level went up by 1% in November when compared to the previous 12 months.
CSP explains that the most significant impact on the price level changes in November 2024, compared to October, were for the group of various goods and services (+0.3 percentage points), housing equipment (+0.1 percentage points), health care (+0.1 percentage points), as well as transport-related goods and services (+0.1 percentage points).
Prices of food products and non-alcoholic beverages went down by 0.1% over the course of a month.
The most significant impact on the drop in the average price level in this group was on fresh fruit (-3.6%). Bread (-0.9%), coffee (-1.5%), soft drinks (-4.9%), cheese and cottage cheese (-0.7%), as well as tea (-4.9%) were also cheaper due to discounts. Prices also decreased for fresh or chilled fish (-4.8%). In turn, prices increased for fresh vegetables (+3.8%), butter (+5.5%), dairy products (+1.3%), eggs (+1.7%). Poultry meat was more expensive at the end of the promotions (+0.8%).
In the home furnishings group, prices increased by 1.7% over the month. Home cleaning and care products were more expensive, as well as home furniture, which was mostly influenced by promotions.
In the health care group, the average price level increased by 0.8% over the month. Within a month, pharmaceuticals had the biggest impact on the price increase in the group. Dental services were also more expensive.
Transport-related goods and services became cheaper by 0.8% within a month, mostly affected by the drop in prices for passenger air transportation. Fuel was cheaper by 0.2%, with prices dropping by 1.1% for diesel, while gasoline was more expensive by 0.8% and car gas by 1.5%. There was a drop in prices for used cars. In turn, spare parts and accessories for personal vehicles became more expensive, CSP reports.
In the group of various goods and services, prices went up by 5.8% during the month. At the end of the promotions, prices went up for personal care items and beauty products. More expensive were the cost of living in a nursing home for the elderly, as well as non-electric devices for personal care.
Meanwhile, the biggest impact on the changes in the average consumer price level in November 2024, compared to November 2023, was on food and non-alcoholic beverages (+1.1 percentage points), alcoholic beverages and tobacco products (+0.5 percentage points), goods and services related to recreation and culture (+0.4 percentage points), health care (+0.4 percentage points), as well as goods and services related to transport (-0.5 percentage points) and goods and services related to housing (-0.3 percentage points).
The prices of food products and non-alcoholic beverages went up by 4.3% over the course of the year.
CSP notes that the most significant impact on the increase in the average price level in this group was on fresh vegetables (+11.4%). Dairy products (+10.3%), chocolate (+19.2%), butter (+23.1%), poultry (+7.6%), confectionery (+6.9%), milk (+7.6%), olive oil (+23.4%), cheese and cottage cheese (+3.2%) were more expensive, fresh fruit (+3.6%) as well as fruit and vegetable juices (+11.6%). During the year, prices also went up for dried, salted or smoked meat (+1.9%), canned or processed fish and seafood products (+9%) and potatoes (+9.5%). In turn, prices decreased for sugar (-27.4%), as well as flour and other cereals (-7.4%).
The average price level of alcoholic beverages and tobacco products increased by 7.5% over the year. For tobacco products, prices increased by an average of 13.1% over the year. Alcohol prices went up 4.5% with spirits, with beer and wine becoming more expensive.
The average price level of goods and services related to a home decreased by 1.8% over the year. The most significant price drops during the year were for thermal energy (-9.1%) and electricity (-5.5%). Solid fuels (-2.4%), as well as materials for the maintenance and repair of the dwelling (-2%) were cheaper. In turn, house management services (+7.1%), garbage collection (+16.9%), house rental (+7.4%), house maintenance and repair services (+7%) and water supply (+4%) increased.
In the health care group, the average price level increased by 5.6% over the year. During the year, dental services, pharmaceutical products, services of specialist doctors, services of medical analysis laboratories and radiology centers became more expensive.
Transport-related goods and services decreased by 3.6% over the year, driven by an 8.3% drop in fuel prices. The price of diesel fuel decreased by 11.3%, gasoline – by 7.1%, while car gas increased by 12.8%. During the year, there was a drop in prices for passenger air transportation and used cars. In turn, prices increased for the maintenance and repair of personal vehicles, passenger transportation by road, as well as other services for personal vehicles.
Prices of goods and services related to recreation and culture increased by 5.9% over the year, with flowers, complex recreation services, newspapers and magazines, television subscription fees, recreation and sports services becoming more expensive. Personal computers were cheaper.