Latvia records third-highest rise in food prices across OECD

From July 2016 to July this year Latvia has recorded the largest growth in food prices among European member countries at the Organisation for Economic Co-operation and Development (OECD), and the third-largest increase across the OECD, reports

In July 2017 consumer prices grew an average 2% on year across the 35 OECD member states. Analysts say the price of energy resources was largely responsible for the increase, as it grew 3.7% on year in July.

The average OECD growth in food prices was at 1.7% that same period but in Latvia they grew several times faster the OECD average.

According to OECD data, consumer prices for food grew 6.6% on year in July 2017. It was the maximum price increase recorded in Europe, and a higher increase was recorded only in Turkey (10.01%) and Mexico (9.7%). 

In the EU high growth in food prices was also recorded in the Czech Republic (5.8%), Estonia (5.3%) and Poland (4.5%) while some older member states recorded decreasing or stable food prices: Ireland (-2%), Finland (-1.5%), Spain (0.1%).

According to latest data by the Central Statistics Bureau, in August the food prices grew 6.8% on year while the average level of consumer prices grew 3.1%. 

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