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Inflation ticks up again in Latvia

Inflation bucked the trend of recent months by climbing in July, according to figures released August 10 by the Central Statistical Bureau (CSB).

In July 2020, compared to July 2019, the average level of consumer prices increased by 0.5 %. Prices of services went up by 1.6 %, while prices of goods didn’t change.

Compared to June 2020, in July 2020 the average level of consumer prices increased by 0.2 %. The average level of service prices went up by 0.5 % and of goods – by 0.1 %. Although the price rise during the month was unusual for July, this time, in addition to seasonal factors and price changes characteristic to the month, an increase of trade activity as a result of the elimination of COVID-19 restrictions had a significant impact, according to the CSB.

The greatest pressure on the price changes was put by the rise in prices of goods and services related to transport, food and non-alcoholic beverages, spirits and tobacco products, health care, as well as by the drop in prices of clothing and footwear, goods and services related to housing.

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