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!