Price rise was mainly affected by catering services, as the average level of restaurant and café service prices increased by 2.4 % and that of canteen services by 5.7 %.The most significant upturns among other commodity groups were recorded in prices of clothing, tobacco products, articles for personal hygiene and beauty products, while downturns were recorded in prices of motor vehicle insurance and spirits.During the month, the average level of consumer prices rose by 0.2 %.Compared to June 2020, in July 2020 the average level of consumer prices increased by 0.2 %. Total number of imputations related to Covid-19 dropped to 0.8 %, which is 1.3 % of total household consumption expenditure.Significant Covid-19 impact remained in two ECOICOP sub-classes – Passenger transport by sea (share of imputation 100 %); Package holidays (share of imputation 88 %). *The annual inflation reflects consumer price changes, comparing the average price level in the comparison month with the average price level in the corresponding month of the previous year.Compared to July 2019, in July 2020 the average level of consumer prices was mainly influenced by the rise in prices of food and non-alcoholic beverages, health care, restaurant and hotel services, goods and services related to recreation and culture, as well as drop in prices of goods and services related to transport, goods and services related to housing. Latvia: Consumer prices register biggest fall in four years in May. Also, prices continued to fall for transport (-9.6 percent vs -7.5 percent); housing & utilities (-1.5 percent, the same as in April); clothing & footwear (-2.9 percent vs -1.8 percent) and education (-0.5 percent, the same as in April).

Decline, in turn, was registered in prices of fresh vegetables (of 7.7 %), butter (6.4 %) and yoghurt (2.2 %).Over the year, prices of goods and services related to housing dropped on average by 1.9 %. The economy fell into recession and shrank 9.8% year-on-year in the second quarter, according to preliminary national accounts data released by Latvia’s Statistical Institute on 31 July. The latest data of the Central Statistical Bureau (CSB) show that in July 2020, compared to July 2019, the average level of consumer prices* increased by 0.5 %.

Prices of passenger transport by air increased as well.Among other commodity groups, the most notable rise was registered in prices of household cleaning and maintenance products, flowers and hotel services.As impact of restrictions related to Covid-19 reduced, in July availability of goods and services and, therefore, volume of prices collected during price registration, returned to normal.

Downturn was registered in prices of pharmaceutical products.Prices of goods and services related to transport declined by 3.9 %, which was affected by the drop in prices of fuels for transport (of 11.2 %), mainly diesel (of 11.5 %). Prices of dental services and in medical specialist practice went up.Prices of goods and services related to transport rose on average by 1.5 %.

Inflation Rate YoY

Inflation Rate in Latvia averaged 3.55 percent from 1998 until 2020, reaching an all time high of 17.70 percent in May of 2008 and a record low of -4.30 percent in February of 2010. Compared to 2015, in July 2020 consumer prices were 9.2 % higher. Increase over the year was observed in prices of passenger transport by road, maintenance and repair of personal transport equipment.Goods and services related to recreation and culture became more expensive by 1.8 %. Read more.

Price rise of potatoes (of +36.6 %), as a result of continued new harvest trade, had the strongest upward influence on the average price level within the group. Due to the end of sales campaigns, increase was recorded in prices of poultry (of 2.1 %), dried, salted or smoked meat (1.2 %), bread (1.4 %), ice cream (4.8 %). Housing and Utilities accounts for 16.2 percent; Transport for 13.6 percent; Alcoholic beverages and Tobacco for 8.2 percent; Recreation and Culture for 8 percent and Clothing and Footwear for 5.8 percent.

Although price rise during the month usually was not typical 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 elimination of Covid-19 restrictions also had significant impact.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.Over the month, prices of food and non-alcoholic beverages grew by 0.6 %. Inflation Rate YoY

Reference In July 2020, compared to July 2019, the average level of consumer prices increased by 0.5 %. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. In July, annual inflation in Latvia made 0.5%.

July 6, 2020. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

On a monthly basis, consumer prices went down 0.5 percent, after a 0.3 percent gain in March.In Latvia, the most important category in the consumer price index is Food and Non-Alcoholic Beverages (23.7 percent of total weight).

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