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Inflation in Latvia estimated at 2.3% in October

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CSP, Latvia, prices, inflation,Compared to October 2018, the average level of consumer prices rose by 2.3 % in October 2019. Prices of goods had increased by 1.9 % and prices of services by 3.0 %.

Compared to 2015, consumer prices were 9.3 % higher in October 2019. Prices of goods had increased by 8.0 % and prices of services by 12.8 %, according to data from the Central Statistical Bureau of Latvia.

Compared to October 2018, in October 2019 the average level of consumer prices was mainly influenced by the rise in prices of food and non-alcoholic beverages, goods and services related to housing, alcoholic beverages and tobacco products, goods and services related to recreation and culture, restaurant and hotel services, health care, as well as decline in prices of goods and services related to transport.

Over the year, prices within the group of food and non-alcoholic beverages increased by 2.6 %. Prices of bread (rise of 9.6 %), bakery products (5.2 %), as well as flours and other cereals (7.2 %) had the strongest upward influence on the average price level within the group. Rise was recorded in prices of pork (of 10.4 %), dried, salted or smoked meat (4.7 %), poultry (2.7 %), and meat products (5.3 %). Upturn was registered also in prices of fresh fruit (of 3.7 %), potatoes (10.6 %), chocolate (4.6 %), and sugar (7.1 %). Decline, in turn, was recorded in prices of milk (of 7.2 %), milk products (3.3 %), cheese and curd (1.7 %), and coffee (2.1 %).

The average level of alcoholic beverage and tobacco product prices went up by 4.6 %. Prices of alcoholic beverages had increased by 4.5 %, which was mainly influenced by the change in beer prices. Tobacco product prices grew on average by 4.6 %.

Over the year, prices of goods and services related to housing rose by 3.6 %. Increase was registered in prices of electricity, heat energy, refuse collection, materials for the maintenance and repair of the dwelling, rentals for housing, services for the maintenance and repair of the dwelling, as well as maintenance charges in multi-occupied buildings. Reduction, in turn, was observed in natural gas and solid fuel prices.

Within the health care group, the average level of prices rose by 2.2 %, which was mostly influenced by the increase in prices of dental services, prices in medical specialist practice, as well as prices of pharmaceutical products.

Within the group of goods and services related to transport, the strongest downward influence was exerted by prices of fuel (of 4.4 %), of which prices of diesel fell by 4.7 %, of petrol by 4.6 %, and of auto gas by 1.1 %. Reduction was also observed in prices of second-hand motor cars. The average level of prices of passenger transport by air as well as maintenance and repair of personal transport equipment went up.

Prices of goods and services related to recreation and culture grew by 3.1 %. Upturn was registered in prices of package holidays and television subscription fee.

Prices of restaurant and hotel services grew on average by 3.5 %, which was mainly influenced by the 3.9 % rise in restaurant and café service prices. Prices of canteen services went up by 3.9 %.

Upturn in prices of telecommunication services, garments, articles for personal hygiene and beauty products, as well as household cleaning and maintenance products had significant influence on the price rise over the year as well. The average level of motor vehicle insurance prices, in turn, reduced.

Compared to September 2019, the average level of consumer prices rose by 0.4 % in October 2019. Prices of goods grew by 0.7 %, while prices of services fell by 0.3 %. Rise in prices of food and non-alcoholic beverages, clothing and footwear, furnishings, goods and services related to housing, as well as drop of prices in miscellaneous goods and services group and in prices of goods and services related to recreation and culture had the strongest influence on the price changes within the group.

Over the month, prices of food and non-alcoholic beverages grew by 1.0 %. Prices of fresh vegetables and fresh fruit (rise of 13.5 % and 7.2 %, respectively) had the strongest upward influence on the average price level within the group.

Rise was also observed in prices of poultry (of 1.9 %), cheese and curd (1.2 %), butter (3.5 %), dried, salted or smoked meat (0.6 %), bakery products (0.8 %), and bread (0.6 %). Decline, in turn, was registered in prices of potatoes (of 6.7 %), chocolate (2.9 %), milk (2.2 %), fruit and vegetable juices (2.4 %), and milk products (0.9 %).

As goods of the winter season kept entering the market, garment prices went up by 4.7 % and footwear prices by 0.5 %.

Prices of goods and services related to housing increased by 0.2 %. Rise was recorded also in prices of heat energy and materials for the maintenance and repair of the dwelling.

Within the furnishings group, prices went up on average by 1.2 %, which was caused by the upturn in prices of household cleaning and maintenance products affected by the end of sales campaigns.

Prices of goods and services related to recreation and culture fell by 0.6 %. Decline was recorded in prices of package holidays (of 9.6 %), moreover unlike in previous year when the steepest drop was registered in September, this year the sharpest reduction was observed in October.

Within the miscellaneous goods and services group, prices reduced on average by 1.3 %, which was caused by the downturn in prices of articles for personal hygiene and beauty products as well as motor vehicle insurance.

The most significant growth among other commodity groups was recorded in prices of spare parts and accessories for personal transport equipment as well as tobacco products. Decline, in turn, was recorded in prices of spirits and hotel services.


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