Latvian inflation increases year-on-year
The latest official data showed Latvian consumer prices surged by 4.2% year-on-year in November. The breakdowns showed tobacco products, alcoholic beverages and transport related goods and services were the prime contributors to the upward pressure.
However, prices of clothing and footwear moved down, helping to somewhat ease the pressure. The prices of tobacco products in November grew on average by 1.3% while the prices of alcoholic beverages increased on average by 0.5%. Main price rise was recorded for spirits (+0.6%) and beer (+1.5%). The most significant price increases in transport group were witnessed for diesel (+2.5%) and automotive gas (+0.5%), as well as maintenance and repair of transport vehicles (+0.7%).
In its turn, the airline ticket prices reduced by 1.8%. On the other hand, footwear prices diminished by 3.4% in the month, while clothing prices plummeted by 0.5% -- both attributable to the season sales. Influenced by the special offers, the prices of individual care goods dropped by 2%. Also the prices of house maintenance services, non-durable household goods, textiles, sanatoriums, hotels and package holidays decreased. Due to sales, the price reduction was recorded for dairy products, bread and cereal products, coffee and vegetable oil.
Also, growth in vegetable, fruit, fish and fish product, juice, and mineral water prices was observed. The prices of data processing equipment rose, as well as the prices of sports and recreational goods, newspapers, books, insurance and catering services. The average price level for goods increased by 5.2%, but for services – by 1.4%.