In Latvia, consumer prices went up by 0.3% this September compared to August, but during the year – this September compared to September 2023 – they went up by 1.4%, while a month earlier annual inflation was 0.7%, according to data reported by the Central Statistical Bureau of Latvia (CSP).
At the same time, the 12-month average consumer price level increased by 0.9% in September compared to the previous 12 months.
The most significant impact on the price level change in September 2024 compared to August was for clothing and footwear (+0.2 percentage points), food and soft drinks (+0.2 percentage points), a group of various goods and services (+0.1 percentage points), goods and services related to recreation and culture (+0.1 percentage points), as well as goods and services related to transport (-0.5 percentage points).
Within a month, food and non-alcoholic beverage prices went up by 0.7%.
Fresh vegetables (+6.8%) and fresh fruit (+5.5%) had the most significant impact on the monthly increase in the average price level. Chocolate (+4.5%), coffee (+1.9%) and butter (+2.8%) were more expensive. When the shares closed, prices rose for cheese and cottage cheese (+1.7%), eggs (+4.6%), poultry (+1.9%), pasta (+4.2%), olive oil (+4.1%), milk (+1%), dairy products (+0.7%), and sugar (+3.8%).
In turn, prices fell over the month for potatoes (-13.8%), pork (-1.9%), flour and other cereals (-3.1%), as well as vegetable oil (-4.1%). As a result of the discounts, prices decreased for bread (-1.3%) and fresh or chilled fish (-10.6%).
CSP reports that the prices of clothes and footwear went up by 3.4% over the course of the month. With new autumn season collections released, prices of clothes with up by 3.4% and the prices of footwear – by 4.3%.
Transport-related goods and services became 3.7% cheaper over the course of the month. This was largely caused by a 4.8% drop in fuel prices: diesel prices went down by 4.6% and petrol prices went down by 6.1%. The price of auto-gas went up by 2.6%.
Prices for goods and services related to recreation and culture increased by 1.4% during the month, with recreation and sports services, cultural services, newspapers and magazines, and fiction books becoming more expensive. On the other hand, package holidays were cheaper.
With the new school year, prices went up for higher education (+8.2%), as well as pre-school and elementary education (+1.8%).
Statistics also show that the biggest impact on the average consumer price level change in September 2024 compared to September 2023 were for food and non-alcoholic beverages (+1.2 percentage points), alcoholic beverages and tobacco products (+0.5 percentage points), health care (+0.4 percentage points), as well as housing-related goods and services (-0.9 percentage points) and transport-related goods and services (-0.8 percentage points).
In the group of food and non-alcoholic beverages, prices increased by 4.5% over the year.
Fresh vegetables (+22%) and fresh fruit (+9.6%) had the most significant impact on the increase in the average price level in the respective group during the year. Chocolate (+16%), olive oil (+30%), butter (+16.6%), pastries (+5%), milk (+7.4%), poultry (+4.3%), coffee (+4.2%), as well as cheese and cottage cheese (+3.4%) were more expensive. Prices also increased for dairy products (+3.9%), fruit and vegetable juices (+10.3%), canned or processed fish and seafood products (+9.3%), and potatoes (+8.5%). In turn, prices decreased for sugar (-19.7%), as well as flour and other cereals (-8.8%).
The average price level of alcoholic beverages and tobacco products increased by 7.3% over the year. For tobacco products, prices increased by an average of 13.1% over the year. Alcohol prices climbed 4.3% as spirits, wine and beer became more expensive.
The average price level of goods and services related to a home decreased by 4.8% over the year. The most significant price drops during the year were for thermal energy (-12.7%) and electricity (-11.9%). Prices fell for natural gas (-7.6%) and solid fuels (-4.7%). In turn, house management services (+6.7%), garbage collection (+14.8%), house rental (+5.9%), water supply (+6.8%), house maintenance and repair services (+5.2%), as well as sewerage services (+5.4%) increased.