The average annual inflation in Latvia was 1.3% last year, according to the Central Statistical Bureau of Latvia (CSP).
At the same time, consumer prices in December 2024, when compared to November, went up 0.2%. Compared to December 2023, consumer prices went up by 3.3%.
The most significant impact on the price level changes in December 2024 compared to November were for transport-related goods and services (+0.3 percentage points), food and soft drinks (+0.3 percentage points), as well as the group of various goods and services (-0.2 percentage points), clothing and footwear (-0.1 percentage points), housing equipment (-0.1 percentage points) and housing-related goods and services (-0.1 percentage points), CSP reports.
Prices of food and non-alcoholic beverages went up by 1.1% over the course of the month.
The most significant impact on the increase of the average price level in the respective group during the month was coffee (+10.5%). Bread (+1.5%), cheese and cottage cheese (+2%), soft drinks (+8.6%), vegetable oil (+6.6%), ice cream (+2.8%), chocolate (+1.8%) and pork (+0.9%) were mostly more expensive as a result of stock closures. Prices also increased for butter (+6%), fresh fruit (+1.8%), milk (+2.5%) and eggs (+2.5%). In turn, the price decreased for fresh vegetables (-3.1%), as well as the cheaper ones were dried, salted or smoked meat (-1.2%), poultry meat (-1.2%) and sour cream (-2.1%).
In the clothing and footwear group, prices decreased by 2.4% over the month. Mainly under the influence of the shares, the average price level for clothing fell by 2.1%, and for shoes – by 3.8%, according to data from CSP.
The average price level of goods and services related to a home decreased by 0.3% over the month. The most significant price drops in the group during the month were for electricity (-1.3%) and thermal energy (-0.5%). Rent and solid fuel were also cheaper. In turn, prices increased for sewerage services and water supply.
In the home furnishings group, prices dropped 2.8% over the month. As a result of promotions, home cleaning and care products, home furniture, and dishes were cheaper.
Transport-related goods and services became more expensive by 2.5% within a month, driven by a 2.9% increase in fuel prices, with a 3.2% increase in prices for diesel, 2.4% for petrol and 2.8% for auto gas. Passenger transportation by air, passenger transportation by road increased.
In the group of various goods and services, prices decreased by 3.2% over the month. Under the influence of promotions, prices dropped for personal care items and beauty products, non-electric devices for personal care.
In other consumption groups, the most significant price increases over the month were for hotel services, specialist doctor services, beer, restaurant and café services, while prices fell for spirits, package leisure services and mobile phone equipment.
In turn, the biggest impact on the changes in the average consumer price level in December 2024, compared to December 2023, was on food and non-alcoholic beverages (+1.4 percentage points), alcoholic beverages and tobacco products (+0.5 percentage points), health care (+0.4 percentage points), goods and services related to recreation and culture (+0.4 percentage points), as well as goods and services related to housing (-0.2 percentage points).
Prices in the food and non-alcoholic beverages went up by 5.5% over the course of the year.
The most significant impact on the increase in the average price level in this group during the year was for coffee (+11.9%) and butter (+34.9%). Dairy products (+10.8%), chocolate (+20.6%), milk (+13.1%) and poultry (+8.9%) were also more expensive. Prices also increased for cheese and cottage cheese (+5.6%), fresh vegetables (+5.4%), olive oil (+20.3%), confectionery (+3.4%), potatoes (+12.7%), and fruit and vegetable juices (+10.1%). During the year, dried, salted or smoked meat (+1.9%), yogurt (+7.2%), canned or processed fish and seafood products (+9.2%), soft drinks (+10.9%), as well as bread (+1.3%) also became more expensive. In turn, the price decreased for sugar (-26.1%), flour and other cereals (-6%), as well as fresh or chilled fish (-8.5%).
The average price level of alcoholic beverages and tobacco products increased by 6.6% over the year. For tobacco products, prices increased by an average of 13% over the year. Alcohol prices climbed 3.2% as spirits, wine and beer became more expensive.
In the healthcare group, the average price level increased by 6.6% over the year. During the year, pharmaceutical products, dental services, services of specialist doctors, services of medical analysis laboratories and radiology centres became more expensive.
In the communication group, prices increased by 5.2% on average over the year. Complex telecommunications services, mobile phone services, as well as Internet access services were more expensive.
For restaurant and hotel services, the average price level increased by 4.5% over the year. Catering services were more expensive, including restaurant and café services by 4%, canteen services by 3.9% and fast food services by 2.2%. During the year, hotel services also became more expensive.
In the various goods and services group, prices increased by 3.1% over the course of the year, mainly, which was due to the increase in prices of personal care products and beauty products. More expensive were the services of hairdressers and beauty salons, legal and accounting services, and the cost of living in retirement homes for the elderly. In turn, it was cheaper to insure motor vehicles.
In other consumption groups, the most significant price increases during the year were for the maintenance and repair of personal vehicles, passenger transport by road, higher education. Fares have fallen for passenger air travel. Fuel was 0.8% cheaper.
In 2023, the average inflation in Latvia was 8.9%, in 2022 it was 17.3%, in 2021 it was 3.3%, in 2020 it was 0.2%, in 2019 it was 2.8%, in 2018 it was 2.5%, in 2017 it was 2.9%, and in 2016 it was 0.1%.