Over the year, the average level of consumer prices rose by 0.1 %

The latest data of the Central Statistical Bureau show that in May 2024, compared to May 2023, the average level of consumer prices* increased by 0.1 %.

Compared to May 2023, in May 2024 the average level of consumer prices was mainly influenced by the rise in prices of goods and services related to transport (0.7 percentage points), alcoholic beverages and tobacco products (0.5 percentage points), health care (0.4 percentage points), as well as drop in prices of goods and services related to housing (2.5 percentage points).

Over the year, prices within the group of food and non-alcoholic beverages increased by 0.8 %. Price rise for potatoes (23.5 %), olive oil (34.2 %), bakery products (5.5 %), sweets (21.1 %) had the strongest upward influence on the average price level within the group. Growth was recorded in prices of fruit and vegetable juices (11.3 %), chocolate (5.9 %). Prices increased for preserved or processed fish and seafood-based preparations (6.2 %), soft drinks (7.9 %), dried, other preserved or processed vegetables (9.0 %), meat preparations (3.4 %), fresh fruit (1.2 %), fresh and chilled fish (7.1 %). In turn, decline was registered in prices of fresh vegetables (of 5.6 %), flours and other cereals (9.6 %), eggs (7.3 %), cheese and curd (2.7 %), sugar (11.2 %), vegetable oil (10.1 %), bread (1.1 %).

The average level of alcoholic beverage and tobacco product prices rose by 6.7 %. As prices of spirits, beer and wine went up, alcoholic beverages became more expensive (4.8 %). Over the year average increase of 10.2 % was observed in prices of tobacco products.

Average price level of goods and services related to housing fell by 13.0 %. Over the year, the most significant drop in the prices was for heat energy (25.6 %) and electricity (24.8 %). Prices went down for solid fuels (11.3 %), natural gas (7.8 %), sewage collection (6.6 %). In turn, maintenance charges in multi-occupied buildings (9.0 %), refuse collection (16.2 %), rentals for housing (7.5 %) became more expensive. Price increase was recorded for the maintenance and repair of the dwelling services, water supply.

The average level of health care prices grew by 5.9 %. Over the year, prices of pharmaceutical products, dental services, prices in medical specialist practice and services of medical analysis laboratories and x-ray centres went up.

Prices of goods and services related to transport increased by 5.6 %, which was determined by the rise in prices of fuels for transport by 8.9 %. Prices of diesel went up by 13.4 %, of petrol – by 6.2 %, while of auto gas – went down by 6.9 %. Over the year, rise in the prices was for maintenance and repair of personal transport equipment, passenger transport by road, passenger transport by train. In turn, prices of passenger transport by air and of second-hand motor cars reduced.

Among other commodity groups, the most notable rise was registered in prices of garments, telecommunication services, household cleaning and maintenance products, restaurant and café services. In turn, prices of personal computers and hotel services went down.

Over the month, the average level of consumer prices rose by 0.3 %.

Compared to April 2024, in May 2024 the average level of consumer prices increased by 0.3 %. Rise in prices within miscellaneous goods and services group (0.2 percentage points), alcoholic beverages and tobacco products (0.1 percentage point), furnishings (0.1 percentage point), restaurant and hotel services (0.1 percentage point), as well as drop in prices of goods and services related to housing (0.2 percentage points) had the most significant impact on the monthly price changes.

Over the month, prices of food and non-alcoholic beverages grew by 0.1 %. Under the influence of seasonal factors, price rise for potatoes (8.9 %) had the strongest upward impact on the average price level within the group. Mainly due to the end of special offers, prices of butter (3.3 %) went up. Prices rose for fresh or chilled fish (5.3 %), preserved or processed fish and seafood-based preparations (3.3 %), as well as olive oil (4.5 %). As the promotions ended, coffee (0.9 %) bakery products (0.8 %), flours and other cereals (1.5 %), pasta products (2.4 %) became more expensive. In turn, decline was registered in prices of fresh vegetables (3.6 %), fresh fruit (0.9 %). Due to the discounts, prices of poultry (1.8 %) and bread (0.7 %) fell.

The average level of alcoholic beverage and tobacco product prices rose by 1.3 %. Upturn in prices of alcoholic beverages of 0.7 % was mainly due to price rise for beer and spirits. Prices of tobacco products increased on average by 2.4 %.

Average price level of goods and services related to housing fell by 1.4 %. During the month the most significant price drop within the group was registered for natural gas (16.2 %). Heat energy (2.1 %) and solid fuels (1.8 %) became cheaper. In turn, increase was recorded for maintenance charges in multi-occupied buildings (1.5 %), electricity (0.3 %).

Within the furnishings group prices rose on average by 2.3 %. Due to the end of sales, increase was recorded in prices of household cleaning and maintenance products. Household furniture became more expensive as well.

The average level of restaurant and hotel service prices went up by 1.8 %. During the month, prices increased for hotel services (13.6 %) and catering services (0.4 %).

Within the miscellaneous goods and services group prices increased by 4.1 %. Mainly due to the end of special offers, prices of articles for personal hygiene and beauty products, non-electrical appliances for personal care went up.

Among other commodity groups, the most notable rise was registered in prices of garments, passenger transport by air, maintenance and repair of personal transport equipment, flowers, pharmaceutical products. In turn, prices of fuels for transport (1.1 %) and package holidays went down.

Price changes by commodity group

(as per cent)

Compared to 2015, in May 2024 consumer prices were 46.2 % higher. Prices of goods increased by 46.1 % and prices of services by 44.6 %.

Information on consumer price changes in June 2024 will be published on 8 July.

*The annual inflation reflects consumer price changes, comparing the average price level in the comparison month with the average price level in the corresponding month of the previous year.

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Communication Section
E-mail: media@csp.gov.lv
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More information on the data:
Nataļja Dubkova
Consumer Price Indices Section
E-mail: Natalja.Dubkova@csp.gov.lv
Phone: +371 67366644