Analytics, Inflation, Latvia, Statistics

Changes in consumer prices

(as % of the corresponding month of the previous year)

Compared to October 2015, in October 2016 the greatest pressure on the price changes was put by the rise in prices of food and non-alcoholic beverages, alcoholic beverages and tobacco products, health care, recreation and culture goods and services, restaurant and hotel services, as well as by the drop in prices of goods and services related to housing.

Compared to the corresponding month of the previous year, in October 2016 the average level of food and non-alcoholic beverage prices increased by 2.1%. Rise was recorded in prices of poultry, dried, salted or smoked meat, sugar, bakery products, milk products, fresh vegetables, fresh or chilled fish, pork, salt and spices, oils and fats, sweets, preserved or processed fish and seafood-based preparations, jams and honey, and chocolate. Reduction, in turn, was observed in prices of fresh fruit, coffee, eggs, cheese, and potatoes.

Prices of tobacco products rose by 5.3%. The average level of alcoholic beverage prices grew by 0.4%, which was mainly affected by the increase in prices of wine and spirits, while prices of beer diminished.

Goods and services related to housing became cheaper by 1.2%. Drop was registered in prices of heat energy, natural gas, solid fuels, whereas rise was recorded in maintenance charges in multi-occupied buildings, prices of refuse collection, sewage collection, services for the maintenance and repair of the dwelling, and water supply.

The average level of health care prices grew by 3.0%, which was mainly due to the rise in prices of pharmaceutical products, dental services, prices in medical specialist practice, as well as prices of rehabilitation centre services.

Prices of cultural services grew by 3.4%. Rise was observed also in prices of flowers, package holidays, recreational and sporting services. Audio-visual equipment became cheaper.

During the year, prices of restaurant and hotel services increased by 2.1%. Prices of restaurant, café and fast food services grew by 2.0% and prices of canteen services – by 2.2%. The average level of hotel service prices increased by 3.1%.

Among other commodity groups, the most significant growth was recorded in prices of telecommunication services, fuels for transport, financial services, and second-hand motor cars. Prices of non-durable household goods, in turn, diminished.