Annual inflation in July at 6.4% in Latvia

The latest data published on August 8 by the Central Statistical Bureau show that in July 2023, compared to July 2022, the average level of consumer prices increased by 6.4 %.

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Compared to July 2022, in July 2023 the average level of consumer prices was mainly influenced by the rise in prices of food and non-alcoholic beverages (2.9 percentage points), goods and services related to housing (1.2 percentage points), health care (0.6 percentage points), goods and services related to recreation and culture (0.6 percentage points), alcoholic beverages and tobacco products (0.6 percentage points), miscellaneous goods and services group (0.6 percentage points), as well as drop in prices of goods and services related to transport (1.3 percentage points).

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Compared to June 2023, in July 2023 the average level of consumer prices increased by 0.7 %. Upturn in prices of goods and services related to housing (0.7 percentage points), goods and services related to transport (0.3 percentage points), furnishings (0.1 percentage point), miscellaneous goods and services group (0.1 percentage point), as well as downturn in prices of food and non-alcoholic beverages (0.3 percentage points), clothing and footwear (0.2 percentage points) contributed the most to the price level changes.

Compared to 2015, in July 2023 consumer prices were 45.2 % higher. Prices of goods increased by 46.4 % and prices of services by 39.8 %.

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