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Deflation recorded in August's figures for Latvia

Fresh data published by the Central Statistical Bureau (CSB) on September 8 show that in August 2020, compared to August 2019, the average level of consumer prices in Latvia decreased by 0.2 %.

Prices of goods fell by 1.0 %, while prices of services rose by 1.6 %.

"Compared to August 2019, in August 2020 the average level of consumer prices was mainly influenced by the drop in prices of goods and services related to housing, goods and services related to transport, clothing and footwear, as well as rise in prices of food and non-alcoholic beverages, health care, goods and services related to recreation and culture, restaurant and hotel services," said the CSB.

Compared to July 2020, in August 2020 the average level of consumer prices reduced even faster, by 0.5 %. The average level of prices of goods fell by 0.9 %, while prices of services – rose by 0.4 %.

The greatest pressure on the price changes was put by the drop in prices of food and non-alcoholic beverages, goods and services related to housing, goods and services related to transport, clothing and footwear.

In August COVID-19 coninued to influence the statistics via such things as the decline in passenger transport by sea and package holidays, the CSB added.

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Economy
Economy

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