Annual inflation reaches 21. 8% in Latvia – bnn-news. com

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In October 2022, compared to October 2021, the average level of consumer prices increased by 21. 8%, according to the latest data from the Central Statistical Bureau of Latvia.

Compared to October 2021, the average level of consumer prices was mainly influenced by the rise in prices of goods and services related to housing, food and non-alcoholic beverages, goods and services related to transport, within the miscellaneous goods and services group, restaurant and hotel services, goods and services related to recreation and culture, health care, alcoholic beverages and tobacco products in October 2022.

Over the year, prices within the group of food and non-alcoholic beverages increased by 29. 5%. Price rise for bread (36. 6%), bakery products (27. 2%), flours and other cereals (63. 9%), pasta products (35. 4%) and rice (41. 7%) had the strongest upward influence on the average price level within the group. Upturn was recorded in prices of cheese and curd (37. 2%), milk products (34. 3%), milk (43. 1%), yoghurt (24. 2%), eggs (17. 2%).

Rise was observed in prices associated with poultry (35. 2%), dried, salted or smoked meat (20. 2%), pork (22. 6%), meat preparations (21. 5%) and beef (40. 6%). During the year, prices increased for coffee (35. 1%), fresh vegetables (24. 3%), fresh fruit (22. 8%), sugar (75. 1%), butter (43. 1%), vegetable oil (50. 6%), chocolate (25. 5%), preserved or processed fish plus seafood-based preparations (28. 9%), ice cream (21. 1%), sauces and condiments (39. 2%), fruit and vegetable juices (13. 6%), soft drinks (22. 3%). Rise was observed in prices of frozen fish (39. 3%), fresh or chilled fish (29. 5%), potatoes (14. 4%), jams and honey (17. 0%), margarine (40. 9%), salt and spices (31. 9%), sweets (21. 7%), ready-made meals (28. 8%), olive oil (21. 6%), dried, other preserved or processed vegetables (18. 1%), crisps (40. 0%), tea (17. 8%), dried fruit and nuts (16. 7%), mineral water (13. 4%).

The average level of alcoholic beverage and tobacco product prices rose simply by 5. 6%. As costs of spirits, beer and wine went up, alcoholic beverages became more expensive (6. 1%). Over the year average increase of 4. 8% was observed in prices of cigarette products.

Average level of prices of goods plus services related to housing rose by 46. 9%. Over the year, the most significant rise in the prices was for heat energy, solid fuels, natural gas and electricity. Upturn was recorded in prices of sewage collection, water supply, refuse selection, materials for the maintenance plus repair of the dwelling, services for the maintenance and repair of the dwelling as well as maintenance charges in multi-occupied buildings.

The average degree of health care prices grew by 8. 3%. Over the year, prices of dental services, pharmaceutical products, prices in medical specialist practice, services of medical analysis laboratories and x-ray centres as well as for glasses and contact lenses went up.

Prices of products and services related to transport increased by 20. 1%, which was determined by the rise in prices of fuels with regard to transport by 32. 1%. Prices of diesel rose by 40. 4%, associated with petrol – by 23. 4%, but of auto gas – by 12. 5%. Upturn was recorded within prices of maintenance plus repair of personal transport equipment, spare parts and accessories for personal transport equipment, second-hand motor cars, passenger transport simply by road, new motor cars as well as passenger transport by air.

Prices of goods and services associated with recreation and culture increased by 8. 0%. During the year, prices increased for pet food, recreational and sporting services, package holidays, television subscription fee, stationery and drawing materials, flowers as well as newspapers and magazines.

The average level of restaurant and hotel service prices went up by 18. 2%. Increase was seen in prices of catering solutions, of which prices of cafe and café services rose by 15. 7%, of canteen services – simply by 18. 3% and of fast food services – by 16. 9%. Over the year, costs of hotel services also went up.

Within the miscellaneous goods and services group, prices increased by 15. 3%, which was most significantly affected by the rise in prices of articles for personal hygiene and beauty products. Motor vehicle insurance, retirement home fee regarding elderly persons, hairdressing and personal grooming establishment services were more expensive as well.

Among other commodity groups, the most notable rise was registered in prices of garments, household furniture, telecommunication providers, footwear, household cleaning plus maintenance products, non-electric kitchen utensils and articles, pre-primary education.

Compared to September 2022, the average amount of consumer prices increased by 0. 8% in Oct 2022. The greatest pressure on the price level changes has been put by the rise in costs of food and non-alcoholic beverages, goods and services related to transport, services and goods related to recreation and culture, health care, alcoholic beverages and cigarettes products, clothing and footwear, as well as by the fall in prices of goods and services related to housing.

On the month, prices of food and non-alcoholic beverages grew simply by 2 . 1%. The most significant within the prices was for fresh vegetables (23. 3%). Increase was also registered in prices associated with bread (2. 4%), milk (4. 1%), sugar (8. 5%), cheese and curd (1. 2%), soft drinks (7. 2%). Upturn was recorded in prices of bakery items (1. 2%), beef (7. 8%), fresh fruit (1. 2%), preserved or processed fish and seafood-based preparations (3. 3%) and pork (1. 1%). As the promotions ended, prices of vegetable oil (3. 1%), fruit and vegetable juices (2. 5%) went up. Prices went up for tea (4. 4%), flours and other cereals (1. 1%), margarine (5. 2%), frozen fish (3. 9%) and meat preparations (1. 0%). Due to the discounts, coffee (1. 0%) and crisps (6. 6%) had the most significant price drop within the team. Downturn was also registered in prices of dried, smoked or salted fish (5. 0%).

The typical level of alcoholic beverage and smoking cigarettes product prices rose by 0. 5%. As costs of beer went upward and discounts on spirits ended, prices of alcohol based drinks increased by 0. 7%. In turn, due to the discounts, prices of wine fell. Costs of tobacco products improved on average by 0. 1%.

Prices within clothing and shoes group went up simply by 0. 6%, which continued to be affected by the entrance of winter clothing and footwear collections in the market. Prices associated with garments increased by 2 . 5%, but of shoes – reduced by 5. 4%.

Average level of prices of goods and services related to casing fell by 1 . 8%. As of 1 October, the government is compensating for the increase in electricity prices – all households will be applied a fixed fee of 0. sixteen EUR/kWh for the first 100 kWh every month. As a result, during the month electricity became cheaper by 28. 9% and had the most significant impact on the price drop in the group. In addition to the previously adopted support instruments, as of 1 October a single natural gas price threshold of 0. 1087 EUR/kWh was set for households whose monthly consumption exceeds 221 kWh per month. As a result, prices of natural gas on average fell by 0. 2% during the month. Also rentals for housing became cheaper (by second . 6%).

In the period from 1 October 2022 to 30 April 2023, national support is provided by compensating part of the embrace heat energy. Taking into account the support measures, heat power became more expensive in Oct on average by 16. 5%, which is a smaller increase than it would have been without the national compensation. Sewage collection, water supply as well as solid fuels also became more expensive.

The average level of health care prices grew simply by 1 . 0%. Prices associated with dental services and medical specialist practice went up.

Prices of products and services related to transportation increased by 3. 0%, which was determined by the rise in prices of fuels intended for transport by 4. 7%. Prices of diesel flower by 5. 6%, of petrol – by 3. 9%, but of car gas – by 0. 7%. Prices of spare parts and accessories for personal transport equipment, maintenance and restoration of personal transport equipment went up. In turn, prices associated with passenger transport by air reduced.

The standard price level of goods and services associated with recreation and culture went up by 1 . 1%. Economic recovery was observed in prices of pet food, cultural services, flowers, recreational and sporting services, personal computers and magazines. Prices of package holidays went down.

Among other commodity groups, the most notable rise was registered within retirement home fee to get elderly persons, catering services, non-electric kitchen utensils plus articles. In turn, prices associated with articles for personal hygiene and beauty products as well as household cleaning and maintenance products went down.

Compared to 2015, in October 2022 customer prices were 40. 2% higher. Prices of goods increased by 43. 1% plus prices of services by 30. 4%.

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