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It has already been reported that in June 2021, compared to June 2020, average consumer price level increased by 2.7%, shows the latest Central Statistical Bureau data.
“Understandably, after a period of low inflation, what is happening is resonating, as it affects purchasing power, which increases stress in conditions of uncertainty,” says AS.SEB bank “economist Dainis Gašpuitis. The sharp change is also due to the fact that last year in many segments prices literally collapsed, especially for energy resources.
Registered inflation data in Latvia continue to show an increase in the average price level on an annual basis, and in July will also contribute to inflation. Latvian gas increased tariffs provide for “Swedbank“economist Laura Orleāne.
However, sharp jumps in prices for the main product groups are not expected after July, according to “Luminor“Economist Pēteris Strautiņš. It is possible that prices will increase for electronics and household appliances. Electronics manufacturers are raising prices as average component purchase costs have risen by about a tenth. Home appliance manufacturers will have to compensate for the cost of both electronics and metal. However, the prices of these products have been rather declining for a long time, especially in terms of quality and performance. Rising prices for refrigerators and televisions would not cause a social crisis.
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