Latvia's annual inflation rate at 17.3 % in March

Data published by the Central Statistical Bureau (CSB) April 12 show that in March 2023, compared to March 2022, the average level of consumer prices in Latvia rose by 17.3 %.

Compared to March 2022, in March 2023 the average level of consumer prices was mainly influenced by the goods and services related to housing (6.5 percentage points), food and non-alcoholic beverages (6.3 percentage points), goods and services related to recreation and culture (0.8 percentage points), miscellaneous goods and services group (0.8 percentage points), alcoholic beverages and tobacco products (0.7 percentage points).

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Over the year, prices within the group of food and non-alcoholic beverages increased by 24.1 %, while the average level of alcoholic beverage and tobacco product prices rose by much less at just 9.0 %. In contrast, the average level of prices of goods and services related to housing rose by 40.2 %, while the average level of health care prices grew by 9.9 %.

Despite falling from February's equivalent figure of 20.3%, Latvia's rate of inflation remains the highest in the European Union, ahead of Estonia (15.6 %) and Lithuania (15.2 %). The average eurozone inflation rate in March was just 6.9 %.

Compared to February 2023, in March 2023 the average level of consumer prices increased by 0.7 %. Rises included prices of food and non-alcoholic beverages (up 0.4 percentage points), clothing and footwear (0.3 percentage points), miscellaneous goods and services group (0.2 percentage points), alcoholic beverages and tobacco products (0.1 percentage point), goods and services related to recreation and culture (0.1 percentage point), and health care (0.1 percentage point).

Goods and services related to housing actually fell in price (by 0.3 percentage points), and goods and services related to transport were marginally down (0.1 percentage point).

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