“Inflation will reach its peak now, in July. We still see an increase in prices in July due to more expensive electricity and gas, but prices of goods and services of many other categories will start decreasing in August,” Mačiulis said in an interview to the radio station Žinių Radijas on Monday.
The economist said annual inflation is the highest in 25 years, standing at 20%, but it is not expected to grow further because raw material prices, such as various industrial metals and oil have started to decrease.
“Copper, aluminium and steel have become nearly by a third cheaper. Oil has become significantly cheaper, too,” he said.
The economist added that raw food material prices are also declining after a spike amid concerns over food shortage due to Russia’s invasion of Ukraine.
Statistics Lithuania has reported that in June 2022, according to the harmonised index of consumer prices (HICP), which is methodologically harmonised with those of other EU member states, annual inflation (June 2022, against June 2021) stood at 20.5%, while the consumer price index (CPI) based one was 21%.
