Latvia records third-highest rise in food prices across OECD

Take note – story published 6 years ago

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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