FM: Inflation is reduced by falling prices of raw materials and tourism services –

– The latest data from the Central Statistical Bureau on consumer price changes confirm that the dynamics of prices in Latvia continue to be determined by the consequences of the COVID-19 pandemic. In August of this year, consumer prices decreased by 0.2% compared to the corresponding month of the previous year. The biggest impact on the fall in prices during the year was for fuel, accommodation and air transport services, housing-related goods and services, and housing rent. Thus, in general, commodity prices in August this year were 1.0% lower than a year ago. In turn, in contrast to the fall in prices for goods, prices for services continued to rise in August this year and were 1.6% higher. However, the impact of the pandemic is also being felt in the services sector, as the rise in service prices has slowed down twice since the beginning of this year.

MINISTRY OF FINANCE

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