December’s consumer price level in Latvia up by 20. 8% – bnn-news. com

The latest data of the Central Statistical Bureau show that in December  2022, compared to December  2021, the average level of consumer prices* increased by twenty. 8%.

Compared to December  2021, the average level of consumer prices was mainly influenced by food and non-alcoholic beverages (7. 4  percentage points), goods and services related to housing (7. 3  percentage points), goods and services related to transport (1. 7  percentage points), miscellaneous goods and services group (0. 9  percentage points), restaurant and hotel services (0. 7  percentage points), goods and services related to recreation and culture (0. 7 percentage points) in December  2022.

Over the year, prices within the group of food and non-alcoholic beverages increased by 29. 0%. Price rise for bread (38. 9%), bakery products (26. 4%), flours and other cereals (43. 9%), pasta products (30. 8%), rice (35. 4%) and breakfast cereals (27. 6%) had the strongest upward influence on the average price level within the group. Upturn was recorded in prices of cheese and curd (34. 9%), milk products (33. 5%), milk (37. 1%), eggs (27. 0%), yoghurt (19. 1%).

Prices also went up for dried, salted or smoked meat (23. 2%), poultry (36. 5%), pork (26. 2%), meat preparations (25. 4%) and beef (31. 9%). During the year, prices increased with regard to coffee (34. 1%), fresh fruit (27. 8%), fresh vegetables (17. 6%), sugar (81. 8%), butter (31. 0%), vegetable oil (43. 1%), chocolate (22. 0%), preserved or processed fish and seafood-based preparations (28. 9%), ice cream (18. 7%), sauces plus condiments (43. 7%), fruit and vegetable juices (15. 9%).

Rise was observed in prices associated with soft drinks (25. 2%), salt and spices (38. 5%), frozen fish (33. 7%), jams and honey (16. 6%), dried, other preserved or processed vegetables (22. 4%), sweets (22. 2%), potatoes (12. 1%), margarine (35. 9%), ready-made meals (26. 1%), olive oil (21. 4%), dried fruit and nuts (20. 8%), fresh or chilled fish (16. 4%), tea (18. 7%), crisps (37. 3%), dried out, smoked or salted fish (22. 9%).

The average level of alcoholic beverage plus tobacco product prices rose by 6. 0%. As prices of beer, spirits and wine went up alcoholic beverages became more expensive (6. 7%). Over the year average increase of 4. 9% was observed in prices of tobacco products.

Average level of costs of goods and services associated with housing rose by 42. 8%.

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 water supply, sewage collection, refuse collection, materials for the maintenance and repair of the dwelling, services for the maintenance and repair of the dwelling as well as maintenance charges in multi-occupied buildings. In turn, price of rentals for housing reduced.

Within the furnishings group prices rose on average by 12. 7%, mainly due to the more expensive household cleaning plus maintenance products, household furniture, major household appliances, non-electric kitchen utensils and articles as well as dishes.

The average level of health care prices grew by 9. 7%. Over the year, prices associated with pharmaceutical products, dental services, costs in medical specialist practice, services of medical analysis laboratories and x-ray centres, glasses and contact lenses went up.

Costs of goods and services related to transport increased by 12. 6%, which was determined by the rise in prices of fuels for transport by 17. 9%. Prices of diesel rose by 26. 2%, of petrol – simply by 9. 0%, but of auto gas – by 5. 3%. Upturn was written in prices of servicing and repair of personal transportation equipment, spare parts and accessories for personal transport equipment, passenger transport by air, second-hand motor cars, passenger transport by road as well as new motor cars.

Prices of goods and services related to recreation and tradition rose by 9. 4%. During the year, prices increased regarding pet food, recreational and sporting services, cultural solutions, flowers, stationery and drawing materials, newspapers and magazines, as well as package holidays.

The average level of cafe and hotel service prices went up by 19. 1%. Increase was observed in prices of catering providers, of which prices of eating place and café services rose by 17. 7%, associated with canteen services – simply by 19. 2% and of fast food services – by 21. 0%. Over the year, costs of hotel services also went up.

Within the miscellaneous goods and services team, prices increased by seventeen. 5%, which was most significantly affected by the rise in prices of articles for personal hygiene and beauty products. Motor vehicle insurance, hairdressing salons and personal grooming establishment services, retirement home fee for elderly persons, financial services were more expensive as well.

Among other commodity groups, the most notable rise was registered within telecommunication services, prices of garments, footwear and pre-primary education.

Compared to November  2022, inside December  2022 the average level of consumer prices reduced by 0. 5%. Goods and services associated with transport (0. 8  portion points), clothing and footwear (0. 1 percentage point), miscellaneous goods and services group (0. 1 percentage point) had the strongest influence on the price level drop.

Over the month, costs of food and non-alcoholic beverages grew by 1 . 0%. The most significant price rise has been registered for bread (3. 7%), which was mainly affected by the end of promotions on rye bread. Rise in prices was also registered for fruit (4. 5%). Due to the end of special offers, increase was recorded in prices of cheese and curd (2. 0%), fruit and vegetable juices (5. 5%), vegetable oil (4. 0%), soft drinks (5. 0%), pasta products (3. 2%), as well as coffee (0. 7%). Over the month, average price level of eggs (3. 2%), breakfast cereals (8. 9%), as well as pork (1. 0%) went up. Decline was registered in prices of fresh vegetables (2. 2  %), but prices associated with milk (1. 8%), poultry (1. 1%), bakery products (0. 8%), ice cream (2. 4%) fell due to the discounts.

Prices within clothing and footwear group fell by 2 . 2%. The average level of prices of garments dropped by 2 . 0% and prices associated with footwear by 3. 3%, which was mainly affected by the particular sales.

Average level of prices of goods plus services related to housing rose by 0. 5%. During the month the most significant price within the group was registered intended for electricity. Prices of warmth energy, water supply and sewage collection also proceeded to go up. In turn, solid fuels became cheaper.

Within the miscellaneous goods and services team prices decreased by 1 . 8%. Prices of content articles for personal hygiene and beauty products went down, which was mainly impacted by the discounts. In turn, upturns were recorded in costs of motor vehicle insurance, hairdressing salons and personal grooming establishment services, as well as financial services.

In other commodity groups, the most significant fall in prices had been for spirits, household cleaning and maintenance products, non-electric kitchen utensils and posts. In turn, prices rose to get wireless telephone services, beer, restaurant and café services, dental services, internet access services.

*Annual inflation reflects consumer price changes simply by comparing average price levels of reviewed months with the regular price level of corresponding months of the previous year.

Also read: Outlook: average inflation in Latvia in 2023 may stay at 9%