Food prices on a rise in Latvia

Consumer prices in November 2023, as compared to October, did not change in Latvia. However, when compared to 2022, prices went up by 1%, and 2.1% when compared to the corresponding month of last year, according to data from the Central Statistical Bureau of Latvia (CSP).
At the same time, the average price level went up by 10.6% when compared to the previous 12 months.
In November 2023, as compared to October, the biggest impact on price level changes came from housing-related goods and services (-0.3 percentage points), transport-related goods and services (-0.2 percentage points), as well as food and non-alcoholic beverages (+0.3% percentage points), as well as various goods and services group (+0.2 percentage points).

Over the course of the month prices of food and non-alcoholic beverages went up by 1%.

The biggest influence on the average price rise in this group was for fresh vegetables (+15.5%) and fresh fruits (+2.6%). With offers over, prices went up for coffee (+2.2%), bread (+1.2%), dried and smoked meat (+1%), milk (+2%) and ice cream (+2.1%). Prices went down for dairy products (-3.5%), confectionery products (-2.0%), pasta products (-3.4%) and chocolate (-1.5%). Prices went down for potatoes (-3.7%), cheese and cottage cheese (-0.9%) and pork (-0.8%).
The average price level of housing-related goods and services went down by 1.6% over the course of the month. The biggest price drop in the group was for heating energy (-3.2%) and electricity (-1.8%). Prices went down for natural gas, housing maintenance services, solid fuels and housing rent.
Transport-related goods and services became 1.6% cheaper in November, which was mostly dictated by a 3.5% fuel price drop. Diesel fuel became 3.6% cheaper, and petrol became 3.8% cheaper. Auto gas price dropped by 0.9%. Prices went down for used cars as well. Passenger transportation services, spare parts and appliances for private cars became more expensive.
CSP reports that in the various goods and services group prices went up by 4.5%. With discount offers over, personal hygiene items and beautification products became more expensive in Latvia. Costs went up at retirement homes as well.
The biggest impact on the average price level changes in November 2023, when compared to November 2022, was for food and non-alcoholic beverages (+1 percentage point), alcoholic beverages and tobacco products (+0.5 percentage points), healthcare (+0.5 percentage points), as well as housing-related goods and services (-1.8%) and transport-related goods sand services (-0.7 percentage points).

In the food and non-alcoholic beverages group prices went up by 3.7% over the course of the year.

Bread (+8.9%) and confectionery (+3.1%) had the most significant impact on the year-on-year increase in the average price level in the group. Pork (+10%), dried, salted or smoked meat (+4.8%), meat products (+6.3%) were more expensive. Prices increased for coffee (+12.1%), fresh fruit (+12%), fresh vegetables (+7.8%), fruit and vegetable juices (+19.3%), ice cream (+14.9%), olive oil (+31%), sweets (+14.9%), soft drinks (+12.5%), dried, otherwise preserved or processed vegetables (+13.2%), potatoes (+8.7%), chocolate (+5.2%), eggs (+5.2%). In turn, prices fell for milk (-17.4%), dairy products (-11.3%), butter (-16.7%), cheese and cottage cheese (-3.9%), poultry meat (-5%), as well as vegetable oil (-10.8%).
The average price level of alcoholic beverages and tobacco products increased by 7.5% over the year. Alcohol prices climbed 8.1% with spirits, beer and wine becoming more expensive. For tobacco products, prices increased by 6.5% on average over the year.
In the healthcare group the average price level went up by 8% over the course of the year. Pharmaceutical products, medical services, dental services and medical laboratory services became more expensive.
In the various goods and services group prices went up by 7% over the course of the year, which was mostly due to the price rise for personal hygiene and beautification goods. The services of hairdressers and beauty salons, the cost of living in retirement homes for the elderly became more expensive as well.
In other consumer groups the biggest price rise was for clothes, restaurant and cafe services, cleaning and house maintenance items, telecommunication services, catering service, pre-school education and footwear, CSP notes.
Also read: Latvian government decides to set VAT for fruits, berries and vegetables at 12% for one year
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