October 10, 2023

The latest data of the Central Statistical Bureau of Latvia show that in September 2023, compared to September 2022, the average level of consumer prices* increased by 3.3 %.

Compared to September 2022, in September 2023 the average level of consumer prices was mainly influenced by the rise in prices of food and non-alcoholic beverages (1.5 percentage points), alcoholic beverages and tobacco products (0.6 percentage points), health care (0.6 percentage points), goods and services related to recreation and culture (0.5 percentage points), miscellaneous goods and services group (0.4 percentage points), as well as drop in prices of goods and services related to housing (1.3 percentage points).

Over the year, prices within the group of food and non-alcoholic beverages increased by 5.7 %. Price rise for bread (13.4 %), bakery products (10.1 %) had the strongest upward influence on the average price level within the group. Prices of dried, salted or smoked meat (8.0 %), pork (11.3 %), meat preparations (9.1 %) also went up. Prices increased for coffee (8.5 %), fresh fruit (8.3 %), fresh vegetables (7.9 %), fruit and vegetable juices (19.0 %), ice cream (14.3 %), sugar (16.2 %), olive oil (27.5 %), soft drinks (19.3 %), eggs (8.6 %), potatoes (11.7 %). Upturn was recorded in prices of sauces and condiments (17.8 %), sweets (16.2 %), dried, other preserved or processed vegetables (14.9 %). In turn, fall was registered in prices of milk (12.8 %), butter (20.6 %), poultry (5.7 %), milk products (5.7 %).

The average level of alcoholic beverage and tobacco product prices rose by 9.0 %. As prices of beer, spirits and wine went up alcoholic beverages became more expensive (10.2 %). Over the year average increase of 6.8 % was observed in prices of tobacco products.

Average price level of goods and services related to housing fell by 6.4 %. Over the year, the most significant drop in the prices was for electricity (26.7 %). Prices went down for solid fuels (23.2 %) and natural gas (25.8 %). In turn, maintenance charges in multi-occupied buildings (7.6 %), heat energy (2.3 %), water supply (13.3 %), refuse collection (13.9 %) became more expensive. An upturn was registered in rentals for housing, services for the maintenance and repair of the dwelling, sewage collection, as well as materials for the maintenance and repair of the dwelling.

The average level of health care prices grew by 9.4 %. Over the year, prices of pharmaceutical products, prices in medical specialist practice, as well as dental services went up.

Prices of goods and services related to recreation and culture rose by 7.5 %, as prices of pet food, recreational and sporting services, television subscription fee, flowers, newspapers and magazines went up.

Within the miscellaneous goods and services group, prices increased by 9.6 %, which was mainly affected by the rise in prices of articles for personal hygiene and beauty products. Hairdressing salons and personal grooming establishment services, retirement home fee for elderly persons, motor vehicle insurance were more expensive as well.

Among other commodity groups, the most notable rise was registered in prices of garments, restaurant and café services, household cleaning and maintenance products, telecommunication services. In turn, prices of fuels for transport reduced (by 4.3 %).

During the month, the average level of consumer prices fell by 0.4 %

Compared to August 2023, in September 2023 the average level of consumer prices decreased by 0.4 %. Drop in prices of goods and services related to housing (1.0 percentage point), food and non-alcoholic beverages (0.1 percentage point), as well as rise in prices of clothing and footwear (0.3 percentage points), goods and services related to transport (0.2 percentage points), miscellaneous goods and services group (0.1 percentage point) contributed the most to the price level changes.

Over the month, prices of food and non-alcoholic beverages declined by 0.3 %. Price drop of bread which, due to the discounts, was cheaper by 2.0 % had the strongest influence on the average price level. Prices decreased for fresh vegetables (2.5 %) and potatoes (7.4 %). Due to the discounts, prices of vegetable oil reduced by 9.0 %, of flours and other cereals by 3.1 %, of coffee by 0.6 %. Downturn was registered in prices of fresh or chilled fish (6.8 %), chocolate (2.5 %). In turn, due to the end of promotions, increase was recorded in prices of bakery products (2.6 %), milk (4.4 %), soft drinks (6.1 %). Over the month, prices of sweets (10.2 %) and olive oil (5.9 %) went up.

Prices within clothing and footwear group rose by 5.0 %. With the autumn season’s collections entering the market, prices of garments increased by 4.4 %, of footwear – by 7.9 %.

Average price level of goods and services related to housing fell by 5.5 %. During the month the most significant price drop within the group was registered for electricity (19.9 %). As of 1 September, 60 % compensation for the fixed part of electricity distribution tariff for natural persons have entered into force. Downturn was registered in prices of solid fuels, sewage collection and water supply. In turn, maintenance charges in multi-occupied buildings became more expensive.

Prices of goods and services related to transport increased by 1.8 %, which was mainly affected by the rise in prices of fuels for transport by 4.8 %. Prices of diesel rose by 6.6 %, of petrol by 3.4 %, but of auto gas – reduced by 1.3 %. Prices of passenger transport by air went down as well.

The average level of restaurant and hotel service prices decreased by 1.0 %. During the month the most significant price drop within the group was registered for hotel services. In turn, prices of catering services went up.

Within the miscellaneous goods and services group prices increased by 2.8 %. Mainly due to the end of sales campaigns, prices of articles for personal hygiene and beauty products went up.

Among other commodity groups, the most notable drop was registered in prices of household furniture, package holidays. Price rise was observed in prices of household cleaning and maintenance products, higher education, pre-primary education, spirits, flowers.

Source: Central Statistical Bureau of Latvia
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.