Average annual inflation in October reached 0.7 percent, the State Data Agency announced on Monday.
Monthly inflation has been recorded for the second month in a row, before which deflation prevailed for two months.
Annual inflation this year ranges from 0.4 percent. up to 1.1 percent At that time, the average annual inflation is consistently declining this year.
The preliminary monthly and annual inflation announced by statisticians was 0.1 percent each, and the average annual rate was 0.9 percent.
The monthly inflation was mainly influenced by the increase in the prices of clothes and footwear, thermal energy, fuel and lubricants, short-term household goods and the decrease in the prices of electricity, holiday trips, accommodation, and airline services.
In October, the prices of clothing and footwear increased by 5.1 percent due to new autumn and winter season collections: footwear – 6.6 percent, clothing – 4.6 percent.
The prices of leisure and cultural goods and services fell by 1 percent: rental of sports and recreation equipment and accessories (7.8 percent), vacations (6.8 percent), museums (2.6 percent), toys, games (2 %), but the prices of stationery and drawing materials (7.7%), animal products (3.9%), and garden products (1.8%) increased.
The prices of food products and non-alcoholic beverages decreased by 0.2 percent: chocolate and cocoa-based desserts, tea, sweets, crisps fell the most, but mushrooms, fresh and chilled seafood, butter, turkey, and cereal became more expensive.
The prices of some fresh vegetables and fruits also changed: the prices of potatoes, Chinese cabbage, kiwi, pears, and oranges decreased, but the prices of short-fruited cucumbers, tomatoes, strawberries, grapes, and lettuce increased.
Prices of home furnishings, household equipment and daily maintenance goods and services increased by 0.7 percent: household cleaning and care products (3.7 percent), glassware, ceramics (3.4 percent), carpets and rugs (2.6%), but the prices of lighting equipment (4.6%), non-electric kitchen appliances (2.4%) decreased.
The annual inflation was mainly influenced by the increase in the prices of restaurants, cafes and other public catering services, pharmaceutical products, tobacco products, maintenance and repair of personal cars, holiday trips, medicine, dentists and fuel and lubricants, electricity, solid fuel, gas, other personal care decrease in instrument prices.
Prices of consumer goods decreased by 1.9 percent during the year, services – increased by 5.7 percent, and increased by 0.4 percent during the month, respectively. and decreased by 0.5 percent.
The prices administered by state and municipal institutions decreased by 0.8 percent during the year, market prices increased by 0.5 percent, and increased by 0.1 percent during the month, respectively.
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#October #percent #month #percent #annual #inflation #Business
**Interview with Economics Expert Dr. Elena Peterson on October Inflation Trends**
**Editor:** Thank you for joining us today, Dr. Peterson. The State Data Agency recently announced that average annual inflation reached 0.7% in October. What do you make of this figure in the context of this year’s inflation trends?
**Dr. Peterson:** Thank you for having me. The 0.7% annual inflation in October marks an interesting development, especially following two consecutive months of deflation earlier this year. It indicates a shift in economic dynamics, with inflation rates fluctuating between 0.4% and 1.1% throughout the year. While we are seeing a decline in the average annual inflation, the increase in monthly inflation for the second month suggests rising consumer prices, particularly in specific categories.
**Editor:** It was noted that clothing and footwear prices surged by 5.1% due to the autumn and winter collections. How significant is this increase in the overall inflation picture?
**Dr. Peterson:** It’s quite significant. The spike in clothing and footwear prices – with footwear increasing by 6.6% and clothing by 4.6% – reflects seasonal demand shifts. These types of increases contribute directly to monthly inflation, especially when combined with the uptick in thermal energy and fuels. Essentially, they create upward pressure on the overall price index, influencing consumers’ perceptions of inflation.
**Editor:** You mentioned the impact of falling prices in leisure and cultural sectors. How do these trends affect consumer behavior?
**Dr. Peterson:** The decrease in prices for recreational activities can act as a buffer for consumers feeling the pinch from rising prices in essential goods. When leisure and cultural services cost less, it encourages spending in those areas, which can stimulate other economic sectors. However, this disparity also highlights how uneven price changes can create different inflationary experiences across households.
**Editor:** The food products category showed a slight decrease of 0.2%, yet certain items like fresh seafood and butter experienced price hikes. What implications does this have for consumers?
**Dr. Peterson:** The grocery aisle can be a mixed bag – while average prices may decrease specific products can still become more expensive, which complicates budgeting for households. For instance, essentials such as butter and certain seafood have risen in price while less crucial items have declined. This situation forces consumers to adjust their purchasing habits, potentially opting for cheaper alternatives.
**Editor:** given these insights, what trends should we watch for in the coming months regarding inflation?
**Dr. Peterson:** I would advise keeping an eye on seasonal trends – as we approach the holiday season, we may see price fluctuations tied to increased demand. Additionally, global supply chain issues could impact prices further, especially in categories like electronics and food. The interplay between consumer demand and supplier costs will ultimately define the inflation landscape in the months ahead.
**Editor:** Thank you, Dr. Peterson, for your valuable insights on this evolving economic situation.
**Dr. Peterson:** Thank you for having me; it was a pleasure to discuss this important topic.
