Annual inflation in July at 21.5% in Latvia

The latest data published on August 8 by the Central Statistical Bureau show that in July 2022, compared to July 2021, the average level of consumer prices increased by 21.5 %.

Compared to July 2021, in July 2022 the average level of consumer prices was mainly influenced by the rise in prices of goods and services related to housing, food and non-alcoholic beverages, goods and services related to transport, within the miscellaneous goods and services group, restaurant and hotel services, goods and services related to recreation and culture, alcoholic beverages and tobacco products, health care.

Over the year, prices within the group of food and non-alcoholic beverages increased by 24.3 %. Price rise for cheese and curd (+33.7 %), milk products (+39.3 %), milk (+36.6 %) and yoghurt (+29.9 %) had the strongest upward influence on the average price level within the group.

Average level of prices of goods and services related to housing rose by 50.7 %. Over the year, the most significant rise in the prices was for natural gas, solid fuels, electricity and heat energy. Increase was recorded in refuse collection, rentals for housing, water supply, sewage collection, service for the maintenance and repair of the dwelling prices, as well as in prices of materials for the maintenance and repair of the dwelling.

Compared to June 2022, in July 2022 the average level of consumer prices increased by 2.2 %. The greatest pressure on the price changes was put by the rise in prices of goods and services related to housing, food and non-alcoholic beverages, within the miscellaneous goods and services group, furnishings, restaurant and hotel services, as well as drop in prices of clothing and footwear, goods and services related to transport.

Compared to 2015, in July 2022 consumer prices were 36.4 % higher. Prices of goods increased by 39.1 % and prices of services by 27.3 %.

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