Annual inflation in Latvia has risen to 1.1%/day in April

Annual inflation in Latvia has risen to 1.1%/day in April
Annual inflation in Latvia has risen to 1.1%/day in April
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At the same time, the 12-month average level of consumer prices, compared to the previous 12 months, increased by 3.4% in April.

In April 2024, compared to March 2024, the average level of consumer prices increased by 0.5%. Clothing and footwear (plus 0.4 percentage points), alcoholic beverages and tobacco products (plus 0.2 percentage points), as well as the group of various goods and services (minus 0.2 percentage points) had the most significant impact on price level changes.

During the month, the prices of food and non-alcoholic beverages increased by 0.3%. Poultry meat had the most significant effect on the increase in the average price level (plus 2.9%). Mainly as promotions closed, prices rose for confectionery (plus 2.5%), bread (plus 1.1%), chocolate (plus 3.8%), dried, salted or smoked meat (plus 0.8%), potatoes ( plus 3.9%), for eggs (plus 1.8%). Breakfast cereals (plus 8.7%), fresh or chilled fish (plus 5.3%), olive oil (plus 4.3%) and pork (plus 0.8%) were more expensive.

On the other hand, under the influence of stocks, cheese and cottage cheese (minus 2.7%), coffee (minus 2.1%) fell. Fresh vegetables (minus 1.2%), fresh fruit (minus 1.5%), sugar (minus 4%), flour and other cereals (minus 2%) were cheaper.

The average price level of alcoholic beverages and tobacco products increased by 2.1%. Tobacco products became more expensive on average by 7.5%. The prices of alcoholic beverages decreased by 0.5%, which was mainly influenced by promotions for strong alcoholic beverages.

Prices in the clothing and footwear group increased by 7.9%. As the arrival of spring-summer season goods continued, the prices of shoes increased by 19.3%, while the prices of clothes increased by 5.3%.

The average price level of housing-related goods and services decreased by 0.4%. The most significant price drop in the group during the month was for electricity (minus 1.3%), solid fuel (minus 2.3%) and heat energy (minus 0.3%). On the other hand, prices increased for housing rent (plus 2%).

Transport-related goods and services became more expensive by 0.7%, which was mainly determined by the increase in prices for passenger transport by road. Fuel prices increased by 0.6%, including gasoline – by 2%, auto gas – by 0.4%, while diesel prices decreased by 0.5%. Passenger transport by train was also more expensive. On the other hand, the price reduction was for passenger air transportation.

The prices of goods and services related to recreation and culture decreased by 1.1%. Flowers and complex leisure services were cheaper.

In the group of various goods and services, prices decreased by 3.4%. Personal hygiene products and beauty care products, non-electric devices for personal care were mainly cheaper due to the promotions.

In the other consumption groups, the most significant price increase was for dental services, hotel services, preschool education, pharmaceutical products and home furniture. On the other hand, the prices of home cleaning and care products decreased.

The biggest impact on changes in the average consumer price level in April 2024, compared to April 2023, was for transport-related goods and services (plus 0.4 percentage points), alcoholic beverages and tobacco products (plus 0.4 percentage points), health care (plus 0.4 percentage points), as well as housing-related goods and services (minus 1.1 percentage points).

In the group of food and non-alcoholic beverages, prices increased by 0.6% during the year. Olive oil (plus 29.1%), confectionery (plus 4.5%), pork (plus 5.2%) had the most significant impact on the increase in the average price level in the group. Potatoes (plus 16.7%), fruit and vegetable juices (plus 12.4%), sweets (plus 18.5%) were more expensive.

Prices increased for soft drinks (plus 10.6%), dried, salted or smoked meat (plus 1.3%), milk (plus 1.6%), breakfast cereals (plus 12.1%), chocolate (plus 3, 2%), dried, otherwise preserved or processed vegetables (plus 7%), fresh fruit (plus 0.8%).

On the other hand, fresh vegetables (minus 5.5%), flour and other cereals (minus 11.2%), dairy products (minus 3.8%), eggs (minus 6%), sugar (minus 11.1%) were cheaper. , pasta (minus 7.1%), vegetable oil (minus 8%), butter (minus 4.9%), cheese and cottage cheese (minus 1%).

The average price level of alcoholic beverages and tobacco products increased by 5.9%. The prices of alcoholic beverages rose by 4.8%, as the price of strong alcoholic beverages, beer and wine increased. Prices for tobacco products increased by an average of 7.9% during the year.

The average price level of housing-related goods and services decreased by 6.1%. During the year, the most significant price drop was for thermal energy (minus 17.7%). Prices decreased for natural gas (minus 19.2%), electricity (minus 4%), solid fuel (minus 12.1%), sewage services (minus 5%).

On the other hand, housing management services (plus 7.5%), garbage collection (plus 16.2%), housing rent (plus 6.9%) became more expensive. Housing maintenance and repair services, water supply were also more expensive.

In the healthcare group, the average price level increased by 6.4%. During the year, pharmaceutical products, dental services, services of medical specialists and services of medical analysis laboratories and radiology centers became more expensive.

Prices for transport-related goods and services increased by 3.2%, driven by a 4.5% increase in fuel prices. Diesel fuel remained more expensive by 7.6%, gasoline by 2.6%, while auto gas remained cheaper by 8.3%. During the year, prices also increased for maintenance and repair of personal vehicles, passenger transportation by road, other services for personal vehicles, and passenger transportation by train. On the other hand, prices fell for passenger air transportation and used cars.

In the other consumption groups, the most significant price increase was for clothes, telecommunication services, restaurant and cafe services, home cleaning and care products, and television subscription fees. On the other hand, personal computers, shoes, personal hygiene products and beauty products were cheaper.

Compared to 2015, consumer prices in April 2024 were 45.9% higher. Prices for goods increased by 46%, and for services – by 43.6%.


The article is in Latvian

Tags: Annual inflation Latvia risen #1.1day April

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