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Consumer prices in Latvia reach 3.2% in October 2018

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn October 2018, the average level of consumer prices rose by 3.2 % compared to October 2017. Prices of goods grew by 3.3 % and prices of services by 3.0 %. Compared to 2015, consumer prices were 6.9 % higher in October 2018.

Prices of goods increased by 5.9 % and prices of services by 9.5 %. Compared to October 2017, in October 2018 the average level of consumer prices was mainly influenced by the rise in prices of goods and services related to transport, goods and services related to housing, alcoholic beverages and tobacco products, food and non-alcoholic beverages, restaurant and hotel services, as well as health care, according to the data from the Central Statistical Bureau of Latvia.

Over the year, prices within the group of food and non-alcoholic beverages increased by 1.0 %. The strongest upward influence on the average price level within the group was exerted by prices of fresh vegetables (rise of 16.1 %), eggs (12.9 %), bakery products (4.0 %), bread (3.1 %), fresh or chilled fish (14.9 %), meat preparations (5.9 %), cheese and curd (2.3 %), milk products (1.9 %), as well as fruit and vegetable juices (6.5 %). Reduction, in turn, was observed in prices of sugar (of 23.5 %), fresh fruit (6.2 %), coffee (6.6 %), milk (3.7 %), and poultry (1.6 %).

The average level of prices of alcoholic beverages and tobacco products went up by 5.3 %. Prices of alcoholic beverages grew by 4.6 %, which was mainly due to the rise in prices of spirits, beer and wine. Prices of tobacco products rose on average by 6.5 %.

Prices of goods and services related to housing increased by 5.7 %. An upturn was registered in prices of solid fuels, heat energy, water supply, natural gas, in maintenance charges in multi-occupied buildings and rentals for housing, as well as in prices of refuse collection, services for the maintenance and repair of the dwelling, and sewage collection. In its turn, the average level of electricity prices diminished.

Within the health care group, the average level of prices went up by 2.6 %. Increase was recorded in prices of dental services, prices in medical specialist practice, and prices of pharmaceutical products.

Within the group of goods and services related to transport, the main upward pressure was applied by prices of fuel (increase of 17.6 %). Prices of diesel grew by 20.3 %, of petrol by 15.3 %, and of auto gas by 9.3 %. Rise was also registered in prices of maintenance and repair of personal transport equipment, whereas prices of passenger transport by air fell.

Within the group of restaurant and hotel services, the average level of prices went up by 4.0 %, which was mainly due to the increase in prices of catering services.

Among other commodity groups, the most significant growth was recorded in prices of garments, television subscription fee, telecommunication services, and motor vehicle insurance. Reduction, in its turn, was registered in prices of articles for personal hygiene and beauty products.

Compared to September, in October 2018 the average level of consumer prices increased by 0.7 %. Prices of goods grew by 1.1 %, while prices of services fell by 0.2 %. The greatest pressure on the consumer price changes was put by the rise in prices of clothing and footwear, food and non-alcoholic beverages, goods and services related to transport, goods and services related to housing, as well as decline in prices in miscellaneous goods and services group.

Over the month, prices of food and non-alcoholic beverages grew by 0.8 %. The strongest upward influence on the average price level within the group was exerted by the prices of fresh vegetables (rise of 14.0 %), cheese and curd (2.3 %), eggs (4.3 %), butter (5.9 %), preserved or processed fish and seafood-based preparations (3.3 %), poultry (1.1 %), vegetable oil (4.6 %), and pasta products (3.9 %). Decline, in turn, was registered in prices of fresh fruit (of 6.4 %), coffee (2.6 %), as well as dried, salted or smoked meat (1.0 %).

As clothing of the winter season kept entering the market, garment prices went up by 6.7 %. The average level of footwear prices, in turn, decreased (by 3.7 %).

Prices of goods and services related to housing increased by 0.7 %. Rise was registered in prices of solid fuels as well as heat energy.

Prices of goods and services related to transport increased by 1.0 %, which was mostly influenced by the rise in prices of fuels for transport (of 2.6 %) – prices of diesel increased by 3.1 %, of petrol by 1.6 %, and of auto gas by 5.4 %. Rise was registered in the average level of prices of spare parts and accessories for personal transport equipment. In its turn, prices of passenger transport by air declined.

Within the miscellaneous goods and services group, the average level of prices dropped by 1.1 %, which was because of the decline in prices of articles for personal hygiene and beauty products.

The most notable growth among other consumption groups was recorded in the prices of pet food, tobacco products, as well as restaurant and hotel services. Reduction, in its turn, was registered in prices of hotel services.

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