In December 2022 compared to December 2021, the average level of consumer prices increased by 20.8 %. November's equivalent figure was 21.8%.
Eurostat had been estimating a figure of 20.7% for Latvia for December, maintaining its status as the highest inflation in the European Union ahead of Lithuania (20.0% estimated) and Estonia (17.5% estimated). Average EU inflation was running at 11.1% in November and 10.1% in the Eurozone (estimated to be 9.2% in December), which means Latvia continues to record a level roughly twice the average of its peers.
The final data set for the year passed means that average annual inflation in Latvia was 17.3 percent in 2022.
"Compared to December 2021, in December 2022 the average level of consumer prices was mainly influenced by food and non-alcoholic beverages (7.4 percentage points), goods and services related to housing (7.3 percentage points), goods and services related to transport (1.7 percentage points), miscellaneous goods and services group (0.9 percentage points), restaurant and hotel services (0.7 percentage points), goods and services related to recreation and culture (0.7 percentage points)." said the CSB.
Compared to November 2022, in December 2022 the average level of consumer prices reduced by 0.5 %. Goods and services related to transport (0.8 percentage points), clothing and footwear (0.1 percentage point), miscellaneous goods and services group (0.1 percentage point) had the strongest influence on the price level drop.
Over the month, prices of food and non-alcoholic beverages grew by 1.0 %. The most significant price rise was registered for bread (3.7 %), which was mainly affected by the end of promotions on rye bread. Rise in prices was also registered for fresh fruit (4.5 %). Due to the end of special offers, increase was recorded in prices of cheese and curd (2.0 %), fruit and vegetable juices (5.5 %), vegetable oil (4.0 %), soft drinks (5.0 %), pasta products (3.2 %), as well as coffee (0.7 %). Over the month, average price levels of eggs (3.2 %), breakfast cereals (8.9 %), as well as pork (1.0 %) went up.
Compared to 2015, in December 2022 consumer prices were 41.2 % higher. Prices of goods increased by 43.7 % and prices of services by 32.5 %.
