Annual inflation in November in Latvia reached 2.2% / Day

by times news cr

At the same time, the 12-month ‍average⁣ level of consumer​ prices, compared to the ⁢previous ‌12 ​months, ⁢increased by 1% in November.

The most ‍significant impact ⁤on price level ‍changes​ in November 2024, compared to​ October, ‌was for the group of various goods and services (+0.3 ‌percentage points), housing equipment (+0.1 percentage points),⁢ health care (+0.1 percentage points),as also transport-related goods and services ⁣(-0.1 percentage point).

Fresh fruit (-3.6%) had the most significant⁢ impact on the drop in the average price level in this group. Bread (-0.9%),coffee (-1.5%),‍ soft drinks (-4.9%), cheese and cottage cheese ‍(-0.7%), ​as well as tea⁢ (- 4.9%). Prices also decreased for⁢ fresh ⁤or chilled fish (-4.8%). On the other hand, prices ​increased‍ for fresh ‌vegetables (+3.8%), butter (+5.5%), dairy products (+1.3%), eggs (+1.7%). At the end of the promotions,⁤ poultry meat⁣ was more expensive (+0.8%).

In the group of⁣ housing⁢ equipment, prices increased by 1.7% during the month. Home cleaning and care products, as well as‌ home furniture, ⁣were more expensive, which was mainly influenced‌ by stock closings.

In ⁢the healthcare group,the average price level increased by 0.8% during the month. ⁤During the month, pharmaceutical products had ‍the biggest impact on the price increase in the group.‌ Dental services were also ⁤more⁣ expensive.

Transport-related⁢ goods and services⁤ became ⁤cheaper by 0.8% during the month,which was mostly influenced by the price reduction for passenger air transportation. Fuel was cheaper by 0.2%,‍ with‌ diesel prices falling by ⁤1.1%, while gasoline was ⁣more expensive by 0.8% and auto gas⁣ by 1.5%. The price drop was‍ for used cars. On the other hand,​ spare parts and accessories for​ personal⁣ vehicles became more​ expensive.

In the group of various goods and services, prices rose by 5.8% during the month. At the end of the⁢ promotions, the prices of personal ⁤hygiene products and beauty care products⁢ increased. The cost of living in⁣ a nursing home for the ⁢elderly was more expensive, as were non-electric devices​ for personal care.

In other consumption⁢ groups, the most significant price increase during the month⁢ was for natural gas, wine, mobile phone services, home maintenance and repair services. On the other hand, prices decreased⁢ for electricity, complex leisure services, ⁤beer, heat ​energy, shoes, hotel services.

On ‌the other hand,food ‌and non-alcoholic beverages (+1.1 percentage points), ‍alcoholic⁤ beverages and⁢ tobacco products (+0.5 percentage​ points),‍ with recreation and culture-related goods‌ and services (+0.4 percentage points),health care (+0.4 percentage points), as ⁤well as transport-related goods and ⁤services (-0.5 ‌percentage points) and ⁣housing-related goods and services (-0.3 percentage points).

In the group⁢ of food‍ and non-alcoholic‌ beverages, prices increased by ⁤4.3% during the year.

Fresh vegetables (+11.4%) had the most significant‌ impact on the ‍increase in ⁣the average ‌price‍ level in this​ group. More expensive ⁣were dairy ‍products‍ (+10.3%),chocolate (+19.2%), butter (+23.1%), poultry⁢ (+7.6%), ​confectionery ⁢(+6.9%), milk (+7.6%), olive ⁢oil (+23.4%),cheese and cottage cheese (+3.2%),⁢ fresh ‌fruit (+3.6%), as ⁢well as fruit and vegetable juices (+11.6 %). During the year,‌ prices also rose for dried, salted or smoked meat (+1.9%), ‍canned or processed fish⁢ and seafood (+9%) and⁢ potatoes (+9.5%). On the other hand, prices decreased for sugar (-27.4%), ⁢as well ‌as ‌for flour and other cereals (-7.4%).

the average price level of​ alcoholic beverages and tobacco products increased by 7.5% during the year. prices for tobacco products ⁣increased by an average of 13.1% during the year. The prices of alcoholic beverages rose by 4.5%, with strong alcoholic beverages, beer and‍ wine becoming more expensive.

The average price level of housing-related goods and services decreased by 1.8% during the year. During ⁤the year, the most significant price drop ⁤was⁤ for⁣ thermal energy (-9.1%) ⁣and electricity (-5.5%).‌ Solid fuel⁤ was cheaper (-2.4%),as well as materials for home maintenance and repair (-2%).On the other hand, housing management services (+7.1%), garbage ​collection (+16.9%), housing rent (+7.4%), housing maintenance and repair services (+7%) and water supply (+4%) became more expensive. .

In the healthcare⁤ group,‌ the average price ⁢level increased by 5.6% during the​ year. During ​the ⁤year, dental ⁢services,⁢ pharmaceutical ​products, services of‌ medical specialists, services of medical ‌analysis laboratories and radiology centers​ became more expensive.

Prices ⁤for transport-related goods and services decreased by 3.6% during the year, driven by an‍ 8.3% drop in⁢ fuel prices.The price of ​diesel fuel ⁢decreased by 11.3%, ⁣gasoline – by 7.1%,while auto gas ‍became ⁤more expensive by 12.8%. During the⁣ year, prices fell for passenger air transportation and used cars. Conversely,​ the ⁤prices for the maintenance⁣ and repair of personal vehicles, passenger transportation by road, and also ‍other services for personal vehicles increased.

The prices of goods ⁣and services related ⁤to recreation and culture increased by⁤ 5.9% during the year,⁣ as flowers, extensive leisure services, ⁢newspapers and magazines, television subscription fees, leisure and sports services became more ​expensive. Personal ⁣computers​ were cheaper.

In​ the other consumption groups, the⁣ most significant price increase during the year⁣ was for telecommunication services, home cleaning and care products, restaurant and ‍cafe services, personal ⁢hygiene ⁢products​ and⁤ beauty care products.

What key factors are influencing current consumer behaviour based⁤ on recent economic trends?

Interview between⁢ Time.news Editor⁣ and Economic expert

Editor: Good morning and welcome to⁤ Time.news. Today,we have the pleasure‌ of speaking with Dr. Sarah Thompson, an economist with a focus on consumer behavior and pricing trends. ⁤thank you for joining ⁣us, Dr. Thompson.

Dr. Thompson: Good morning! It’s great to be here.

Editor: let’s dive right in. We’ve ​just released some data indicating that the⁣ 12-month average level of ​consumer prices increased by 1% in November. What can you tell us about the implications of this growth?

Dr.Thompson: This increase is​ indicative ⁤of moderate inflationary pressures in the economy. A 1% rise over the year might seem small, but it can considerably impact consumers, particularly in essential sectors⁤ like housing and healthcare.

editor: Speaking of sectors, we observed differing⁤ trends among‌ various groups. For instance, housing equipment saw a 1.7% increase in prices last month. What’s driving thes changes?

Dr. Thompson: The increase in housing equipment prices can be attributed to various factors, including supply chain disruptions and more expensive raw⁤ materials due to stock shortages. The demand for home improvements has also surged,particularly as people‍ spend⁢ more time at home,which can add upward pressure on prices.

Editor: That ‌makes sense. Interestingly,fresh fruit saw a notable drop of 3.6%. How meaningful is this decline,⁤ and​ what does it reflect?

Dr. thompson: The⁢ drop in fresh fruit prices is quite significant, especially in a context where many staples are ‌rising.This could reflect seasonal changes in supply ‍and⁣ demand,⁣ and also potential overproduction. However, it’s vital to consider that this could be⁤ an outlier, ​especially if we see fluctuations in agricultural yields due to climate issues or trade policies.

Editor: In other food-related categories, ⁢we’re seeing increases, such as a 5.5% rise in butter ​prices.With conflicting⁤ trends‌ among food items, how should consumers ‌navigate these price changes?

Dr. Thompson: ⁤Consumers need to ⁢stay informed about market ⁤trends and adjust their purchasing habits accordingly. Substituting more affordable items, buying‌ in bulk when discounts ‍apply, and planning meals based on seasonal ⁣produce can mitigate costs.It’s also worth noting that these price changes ⁢frequently enough fluctuate seasonally, so ​staying aware can definitely help in budgeting.

Editor: Turning to ⁣healthcare, we saw an average price level increase of 0.8% this month. Could you elaborate⁤ on what might be causing this trend?

Dr. Thompson:⁢ The rise in healthcare prices, particularly in pharmaceuticals and dental services, ⁢highlights the ongoing inflation ⁣in health-related costs. These are largely influenced by ⁢continued innovations in medical technology and drug growth, along with ​shifts in demand as populations age.

Editor: ⁢Transport-related goods and services experienced ⁢a price drop of 0.8%, primarily due to reductions in passenger air transport costs. What does this mean for consumers?

Dr. Thompson: The⁢ reduction in transportation costs can provide immediate relief for consumers ⁤and​ might ​encourage increased travel ‌and spending in related industries. Though, ‍it’s⁤ crucial for consumers to also be cautious as the fuel prices⁤ are mixed, with gasoline becoming more expensive. ⁣This divergence can ​impact overall transportation costs for consumers.

Editor: Dr. Thompson, before we wrap up, could you give us insight into how these individual price changes may shape consumer behavior in the upcoming months?

Dr. Thompson: Absolutely. ‍Rising prices in essential categories ​like healthcare and housing equipment may lead consumers to adjust their spending priorities, focusing⁤ more on necessities while cutting back on discretionary spending. Seasonal trends in food ⁢pricing will also heavily influence consumer choices ⁢at grocery stores. Keeping an eye on these trends will be essential for both consumers and policy-makers to ensure a balanced‍ approach to economic well-being.

Editor: Thank you, Dr. Thompson, for sharing your⁤ insights with us today. It’s clear ⁣that understanding these dynamics is key for consumers.⁣ We appreciate your time.

Dr. Thompson:⁣ Thank you‌ for having me. It was a pleasure to discuss these trends⁢ with you!

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