Analytics, Inflation, Latvia, Markets and Companies
International Internet Magazine. Baltic States news & analytics
Thursday, 28.03.2024, 21:58
Annual inflation in Latvia constituted 2.8% in October
Compared to
October 2016, in October 2017 the greatest pressure on the price changes was
put by the rise in prices of food and non-alcoholic beverages, prices in
miscellaneous goods and services group, prices of goods and services related to
transport, goods and services related to housing, health care, and prices in
recreation and culture group.
The average
level of food and non-alcoholic beverage prices increased by 5.3%. Rise was
recorded in prices of milk, milk products, butter, cheese and curd, yoghurt,
meat and meat products, fresh fruit, fresh vegetables, eggs, olive oil,
potatoes, chocolate, coffee and bakery products. Reduction, in turn, was
observed in prices of sugar and pasta products.
Prices of goods
and services related to housing grew by 1.9%. Increase was observed in prices
of heat energy, natural gas, solid fuels, refuse collection, as well as
services for the maintenance and repair of the dwelling, whereas decline was
recorded in prices of materials for the maintenance and repair of the dwelling.
Within the
health care group, the average level of prices went up by 3.3%, which was
mainly influenced by the rise in prices of pharmaceutical products, dental
services, and prices in medical specialist practice.
Prices of goods
and services related to transport increased by 2.2%, which was affected by the
rise in prices of fuels for transport (of 5.6%). Growth was recorded also in
prices of maintenance and repair of personal transport equipment. Prices of
passenger transport by air, in its turn, went down.
Within the
recreation and culture group, the average level of prices grew by 2.2%, which
was because of the influence exerted by the rise in prices of package holidays,
fiction books, newspapers and magazines.
Within the
miscellaneous goods and services group, the average level of prices grew by 7.6%,
which was mostly due to the rise in prices of motor vehicle insurance. Increase
was registered also in prices of articles for personal hygiene and beauty
products.
Among other
commodity groups, the most significant growth was recorded in prices of tobacco
products, telecommunication services, and catering services. Decline, in turn,
was observed in prices of garments, household cleaning and maintenance
products, and spirits.
Greatest impact on changes in average level of consumer prices over the year
Goods,
services |
Percentage
points |
Motor
vehicle insurance |
0.32 |
Fuels for
transport |
0.31 |
Milk
products |
0.26 |
Meat and
meat products |
0.21 |
Butter |
0.19 |
Milk |
0.16 |
Tobacco
products |
0.16 |
Heat
energy |
0.15 |
Compared to
September 2017, in October 2017 the average level of consumer prices
went up by 0.7%. Prices of goods grew by 1.1%, while prices of services fell by
0.4%.
In October, the
greatest pressure on the consumer price changes was put by the growth in prices
of clothing and footwear, prices of food and non-alcoholic beverages, and
prices of goods and services related to transport.
Over the month,
prices of food and non-alcoholic beverages rose by 1.0%. Increase was observed
in prices of fresh vegetables, bread, butter, milk, poultry, and dried, salted
or smoked meat. Decline, in tis turn, was recorded in prices of cheese and
curd, bakery products, as well as meat products.
As the goods of
the winter season kept entering the market, prices of garments grew by 4.4% and
prices of footwear by 4.9%.
Prices of goods
and services related to transport increased by 0.9%, which was mainly
influenced by the rise in prices of fuels for transport (of 2.2%) as well as
spare parts and accessories for personal transport equipment. Prices of
passenger transport by air, in its turn, went down.
Among other
commodity groups, the most notable growth was recorded in prices of articles for
personal hygiene and beauty products, motor vehicle insurance, household
cleaning and maintenance products, tobacco products, and pet food. Drop, in
turn, was observed in prices of package holidays as well as hotel services.
Greatest impact on changes in average level of consumer prices over the month
Goods,
services |
Percentage
points |
Garments |
0.16 |
Fresh
vegetables |
0.13 |
Fuels for
transport |
0.12 |
Footwear |
0.07 |
Articles for personal hygiene and beauty products |
0.04 |
Motor
vehicle insurance |
0.04 |
Passenger
transport by air |
-0.04 |
Package
holidays |
-0.09 |
Consumer price changes in
October 2017 by commodity group (as per cent,compared to the corresponding period)
Commodity
group |
October 2016 |
December
2016 |
September 2017 |
Total |
2.8 |
2.0 |
0.7 |
food |
5.3 |
2.7 |
1.0 |
alcohol,
tobacco |
1.3 |
0.9 |
0.4 |
clothing,
footwear |
-1.6 |
3.0 |
4.3 |
housing |
1.9 |
1.4 |
0.0 |
furnishings |
-1.3 |
-0.3 |
0.6 |
health |
3.3 |
3.3 |
0.1 |
transport |
2.2 |
-0.1 |
0.9 |
communication |
3.8 |
0.8 |
0.0 |
recreation,
culture |
2.2 |
2.2 |
-0.3 |
education |
1.2 |
1.2 |
0.0 |
restaurants,
hotels |
1.8 |
1.7 |
-0.5 |
miscellaneous |
7.6 |
8.1 |
1.4 |
Information on
consumer price changes in November 2017 will be published on 8 December.
More detailed
information on consumer price changes is available in the CSB database
section Consumer Prices.
* The annual
inflation reflects consumer price changes, comparing the average price level in
the comparison month with the average price level in the corresponding month of
the previous year.