Inflation rises to nearly 17% in Latvia

Inflation continues to gather pace in Latvia, as elsewhere, with the latest figures published June 8 by the Central Statistical Bureau showing that in May 2022, compared to May 2021, the average level of consumer prices increased by 16.9 %.

Compared to May 2021, in May 2022 the average level of consumer prices was influenced by the rise in prices of goods and services related to housing, food and non-alcoholic beverages, goods and services related to transport, within the miscellaneous goods and services group, restaurant and hotel services, alcoholic beverages and tobacco products, health care, furnishings – in other words, most things.

The average level of prices of goods and services related to housing went up by a colossal 34.4 % as a result of price rises for heat energy, electricity, natural gas and solid fuels. Prices of goods and services related to transport increased by 27.5 %.

Compared to April 2022, in May 2022 the average level of consumer prices increased by 4.0 %.

 

Price changes by commodity group (as per cent)

Groups

Price changes in May 2022, compared to:

May 2021

December
2021

April 2022

Total

16.9

11.6

4.0

food

18.2

14.2

1.9

alcohol, tobacco

5.5

4.7

0.1

clothing, footwear

6.1

11.6

0.7

housing

34.4

17.4

15.9

furnishings

9.8

7.3

2.8

health

6.4

4.5

0.6

transport

27.5

18.4

2.8

communication

1.1

0.8

0.0

recreation, culture

5.2

2.2

1.2

education

-0.7

-4.3

0.0

restaurants, hotels

12.1

8.5

2.7

miscellaneous

12.7

9.4

2.3

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