Annual inflation in May at 12.3% in Latvia

The latest data published on June 8 by the Central Statistical Bureau show that in May 2023, compared to May 2022, the average level of consumer prices in Latvia increased by 12.1 %.

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Compared to May 2022, in May 2023 the average level of consumer prices was mainly influenced by the rise in prices of food and non-alcoholic beverages (4.6 percentage points), goods and services related to housing (4.4 percentage points), goods and services related to recreation and culture (0.7 percentage points), miscellaneous goods and services group (0.7 percentage points), as well as drop in prices of goods and services related to transport (1.1 percentage points).

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Over the year, prices within the group of food and non-alcoholic beverages increased by 17.9 %. Price rise for bread (33.5 %), bakery products (18.7 %), flours and other cereals (8.3 %) had the strongest upward influence on the average price level within the group.

Average level of prices of goods and services related to housing rose by 24.8 %. Over the year, the most significant growth in the prices was for heat energy (50.4 %) and electricity (25.2 %). 

Prices of goods and services related to transport reduced by 7.7 %, which was mainly affected by the fall in prices of fuels for transport by 19.3 %.

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Compared to April 2023, in May 2023 the average level of consumer prices increased by 1.2 %. The greatest pressure on the price level changes was put by the rise in prices of goods and services related to housing (1.2 percentage points), restaurant and hotel services (0.1 percentage point), within the miscellaneous goods and services group (0.1 percentage point), health care (0.1 percentage point), as well as drop in prices of goods and services related to transport (0.3 percentage points).

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Compared to 2015, in May 2023 consumer prices were 46.1 % higher. Prices of goods increased by 48.5 % and prices of services by 37.6 %.

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