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Inflation in Latvia reaches 13% – Baltic News Network

Compared to April 2021, the average level of consumer prices increased by 13.0% in April 2022.

Compared to April 2021, 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 transport, goods and services related to housing, prices in miscellaneous goods and services group, prices of alcoholic beverages and tobacco products, restaurant and hotel services, health care, as well as clothing and footwear in April 2022, according to the latest data of the Central Statistical Bureau of Latvia.

Over the year, prices within the group of food and non-alcoholic beverages increased by 17.4%. Prices of cheese and curd (rise of 25.3%), milk products (31.0%), milk (34.9%), and yoghurt (24.0%) had the strongest upward influence on the average price level within the group. An increase was recorded in prices of flours and other cereals (of 49.6%), bread (13.0%), bakery products (10.7%), pasta products (32.7%), and rice (33.1%). An upturn was also registered in prices of fresh fruit (of 17.2%), fresh vegetables (13.5%), and potatoes (57.5%).

During the year, increase was recorded in prices of poultry (of 21.7%), dried, salted or smoked meat (6.3%), pork (9.9%), meat preparations (13.1%), and beef (15.2%). Rise was observed also in prices of coffee (of 18.8%), vegetable oil (48.3%), ice cream (17.7%), fresh or chilled fish (31.5%), butter (18.8%), sugar (23.2%), preserved or processed fish and seafood-based preparations (12.7%), jams and honey (15.4%), fruit and vegetable juices (9.3%), salt and spices (26.1%), olive oil (19.5%), eggs (5.7%) , and soft drinks (10.8%).

Increase was registered in prices of sauces and condiments (14.1%), chocolate (4.5%), margarine (23.9%), sweets (11.8%), as well as dried, smoked or salted fish (13.9%).

The average level of alcoholic beverage and tobacco product prices went up by 6.0%. Prices of alcoholic beverages grew by 5.6%, which was mainly due to the rise in prices of spirits, beer and wine. Over the year, prices of tobacco products increased on average by 7.0%.

The average level of prices within clothing and footwear group went up by 5.6%. Prices of garments increased by 5.2% and prices of footwear by 5.9%.

The average level of prices of goods and services related to housing increased by 16.2%. Over the year, the most significant rise was registered in the prices of heat energy, natural gas, and solid fuels. Upturn was recorded in prices of refuse collection, services for the maintenance and repair of the dwelling, materials for the maintenance and repair of the dwelling, sewage collection, water supply, maintenance charges in multi-occupied buildings, as well as rentals for housing.

Within the health care group, the average level of prices went up by 5.9%. Growth was registered in prices of dental services, prices in medical specialist practice and prices of pharmaceutical products.

Prices of goods and services related to transport grew by 24.7%, which was due to the rise in prices of fuels for transport (of 45.7%) – prices of diesel grew by 53.1%, of petrol by 37.8%, and of auto gas by 27.7%. Over the year, an increase was recorded in prices of maintenance and repair of personal transport equipment, motor cars, spare parts and accessories for personal transport equipment, as well as other services in respect of personal transport equipment.

The average level of restaurant and hotel service prices went up by 10.3%. During the year, rise was mainly observed in prices of catering services, of which increase was recorded in prices of restaurant and café services (of 9.8%), canteen services (6.7%), and fast food services (8.5%). Upturn was also registered in prices of hotel services.

Within the miscellaneous goods and services group, prices grew by 10.4%, which was influenced by the rise in prices of articles for personal hygiene and beauty products. Increase was registered also in prices of motor vehicle insurance, hairdressing salons and personal grooming establishment services, as well as financial services.

Among other commodity groups, the most notable rise was registered in prices of recreational and cultural services, household furniture, household cleaning and maintenance products, telecommunication services, flowers, as well as pet food. Decline, in turn, was registered in book prices.

Compared to March 2022, in April 2022 the average level of consumer prices rose by 2.2%. Rise in prices of food and non-alcoholic beverages, clothing and footwear, goods and services related to housing, goods and services related to transport, alcoholic beverages and tobacco products, restaurant and hotel services, as well as drop in prices of goods and services related to recreation and culture had the strongest influence on the price changes.

Over the month, prices of food and non-alcoholic beverages grew by 3.6%.

Prices of fresh vegetables (rise of 8.4%) had the strongest upward influence on the average price level within the group. Increase was recorded in prices of pork (of 14.1%), dried, salted or smoked meat (3.8%), milk (6.0%), fresh or chilled fish (16.7%), milk products (3.9%), flours and other cereals (+6.7%). As sales campaigns ended, upturn was registered in prices of coffee (of 3.2%), eggs (7.0%), olive oil (4.9%), and yogurt (1.5%). Rise was also recorded in prices of vegetable oil (of 12.9%), poultry (3.3%), cheese and curd (2.0%), pasta products (7.3%), meat preparations (3.6%), bakery products (1.4%), butter (4.8%), sugar (4.7%), bread (0.7%), preserved or processed fish and seafood-based preparations (3.2%), rice (6.0%), salt and spices (6.1%), fresh fruit (0.7 %), and beef (5.2%).

The average level of alcoholic beverage and tobacco product prices went up by 1.9%.

Prices of alcoholic beverages grew by 2.3%, as end of sales resulted in higher spirit and beer prices (rise of 3.9% and 0.9%, respectively). Prices of tobacco products increased on average by 1.1%.

The average level of clothing and footwear prices went up by 8.9%. As goods of the spring/summer season kept entering the market, prices of footwear increased by 25.9% and prices of garments rose by 3.8%.

The average level of prices of goods and services related to housing increased by 2.0%. Prices of solid fuels, liquefied gas in cylinders, sewage collection, water supply, rentals for housing, services for the maintenance and repair of the dwelling, refuse collection went up as well.

Prices of goods and services related to transport on average grew by 2.0%. Prices of fuels for transport rose by 2.6%, which was mainly due to the increase in prices of diesel (of 5.7%). Reduction, in turn, was registered in prices of petrol (of 1.3%) and auto gas (1.0%). Growth was recorded in prices of maintenance and repair of personal transport equipment.

Prices of goods and services related to recreation and culture decreased by 0.8%.

Decline was recorded in prices of flowers, personal computers, as well as because of the sales campaigns in prices of pet food and toys. Upturn, in turn, was registered in prices of recreational and sporting services.

The average level of restaurant and hotel service prices went up by 2.7%. Prices of restaurant and café services on average went up by 2.1%, prices of hotel services – by 15.7%.

Among other commodity groups, the most significant growth was recorded in prices of motor vehicle insurance, household furniture, as well as glasses and contact lenses. Decline, in turn, was registered in prices of articles for personal hygiene and beauty products, as well as household cleaning and maintenance products.

Compared to 2015, consumer prices were 25.4% higher in April 2022. Prices of goods increased by 25.8% and prices of services by 22.9%.

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