Average level of prices of goods and services related to housing fell by 1.8%. The 5-year and 10-year columns display the rolling average of the yearly inflation. Fitch Ratings - Frankfurt am Main - 11 Feb 2022: Fitch Ratings has affirmed Latvia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'A-' with a Stable Outlook. Compared to May 2021, the average level of consumer prices was mainly 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 [] The maximum level was 17.7 % and minimum was -4.3 %. In turn, due to the discounts, prices of wine fell. . The most significant rise in the prices was for fresh vegetables (23.3%). Prices of dental services and medical specialist practice went up. Client Log In, Facebook Rise was observed in prices of frozen fish (39.3%), fresh or chilled fish (29.5%), potatoes (14.4%), jams and honey (17.0%), margarine (40.9%), salt and spices (31.9%), sweets (21.7%), ready-made meals (28.8%), olive oil (21.6%), dried, other preserved or processed vegetables (18.1%), crisps (40.0%), tea (17.8%), dried fruit and nuts (16.7%), mineral water (13.4%). For additional years, see the historical inflation rates. July 8, 2022. Meanwhile, Latvia's inflation forecast has been revised upwards to 2.8% in 2021 and to 4.0% in 2022 from 2.0% and 2.9% in the June forecast respectively. Nils-Gerrit Wunsch , Aug 12, 2022 In June 2022, the inflation rate for food in Latvia was at 22.1. Data published Monthly by Central Statistical Bureau. 20.09.2022. In 2021, the average inflation rate in Latvia had amounted to. Latvia - Inflation Data Sample Report Russia's attack on Ukraine on 24 February 2022 drastically worsened the situation and pushed inflation to new highs. In December 2021, inflation rate for Latvia was 7.9 %. Latvia - Consumer price inflation. (RTTNews) - Latvia's consumer price inflation accelerated to a new record high in September, as the majority of commodity groups indicated rising prices, preliminary data . In January 2022 fuel prices were 26.4% higher when compared to the previous year. We have substantially revised up our inflation forecasts for Latvia, with headline HICP averaging 7% in 2022 (the highest rate since 2008) and 3.3% in 2023. . An upward revision in inflation projections for 2023 to 2.9% was determined by an increase in production costs. Consumer prices surged 21.8 percent year-on-year in October, following a 22.5 percent increase in the prior month. The greatest pressure on the price level changes was put by the rise in prices of food and non-alcoholic beverages, goods and services related to transport, goods and services related to recreation and culture, health care, alcoholic beverages and tobacco products, clothing and footwear, as well as by the fall in prices of goods and services related to housing. The maximum level was 14.3 % and minimum was -5.2 %. Inflation has certainly been on the rise since then, reducing the purchasing power of our incomes. Because energy resources represent an important component of production and logistic costs that affect the end price of goods and services. Rise was observed in prices of poultry (35.2%), dried, salted or smoked meat (20.2%), pork (22.6%), meat preparations (21.5%) and beef (40.6%). You also have the option to opt-out of these cookies. The description is composed by our digital data assistant. Asian stocks were mixed Tuesday ahead of the U.S. midterm . You have entered an incorrect email address! Consequently, it can be said that the current price increase in Latvia is largely caused by global developments. Baltic News Network uses cookies to customize content for readers and analyse information flow. Annual average inflation rose to 3.9% in January (December: 3.3%). Inflation rate of Latvia increased from -0.5 % in January 2021 to 7.9 % in December 2021 growing at an average annual rate of 36.57%. According. Our panelists see harmonized inflation averaging 16.4% in 2022, which is up 0.7 percentage points from last month's forecast, and 8.2% in 2023. The economy is projected to grow by 3.5% in 2022 and 1.6% in 2023. Increase was also registered in prices of bread (2.4%), milk (4.1%), sugar (8.5%), cheese and curd (1.2%), soft drinks (7.2%). Core Consumer Prices in Latvia increased to 121 Index Points in September 2022. This category only includes cookies that ensures basic functionalities and security features of the website. Last year the volume of unprocessed food prices in the world reached the highest level in the last decade, which was affected by poor harvest volumes, supply disruptions, high energy prices and rapid drop in demand. Upturn was recorded in prices of sewage collection, water supply, refuse collection, materials for the maintenance and repair of the dwelling, services for the maintenance and repair of the dwelling as well as maintenance charges in multi-occupied buildings. Energy prices hit new records. Compared to 2015, in October 2022 consumer prices were 40.2% higher. Rutkaste said economic decline would be even greater without this support. The Laspeyres formula is generally used. The following table contains recent YoY (Year-over-Year) and MoM (Month-over-Month) values. Latvia's consumer prices surged 22.2% year-on-year in September, following a 21.5% stable rate of increase in August, preliminary data from the Riga-based Central Statistical Bureau (CSB) showed on Monday. In the second half of the year, inflation will gradually decrease, the ministry predicts. For example, the 5-year avg. The 5-year and 10-year columns display the rolling average of the yearly inflation. The maximum level was 3.5 % and minimum was -1.1 %. Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. Average level of prices of goods and services related to housing rose by 46.9%. Inflation Reduction Act of 2022. Food Inflation in Latvia increased by 29.5 % in October 2022 over the same month in the previous year. on the first row indicates that between 2016 and 2021, the average inflation rate was 2.35%. A A. CanberraA growing number of Australians are under financial stress, a report has found. Latvia's consumer price inflation rate eased to 21.8 percent year-on-year in October 2022 from the previous month's all-time high of 22.2 percent, as prices rose at softer rates for housing and utilities (46.9 percent vs 51.6 percent in September), transport (20.1 percent vs 21.9 percent), and alcoholic beverages and tobacco products (5.6 percent vs 5.9 percent). Prices of spare parts and accessories for personal transport equipment, maintenance and repair of personal transport equipment went up. LinkedIn Inflation reached 11.5% in March 2022, the highest rate of inflation since their previous peak of 17.7% in 2008.As a member of the Eurozone, Latvia is unable to adjust central interest rates or exchange rates as a means of fighting . Over the month, prices of food and non-alcoholic beverages grew by 2.1%. Take-profit.org, 2022 | All rights reserved. Both the central bank and the government need to take steps to combat inflation. In October 2022, compared to October 2021, the average level of consumer prices increased by 21.8%, according to the latest data from the Central Statistical Bureau of Latvia. The Ministry of Finance notes that without state support the heating energy price rise will be more rapid. For example, the 5-year avg. Also rentals for housing became cheaper (by 2.6%). Meanwhile, consumer price inflation rose to 22.1% in September, from the previous month's 21.6%. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Read more August 3, 2022 Industrial output grew 0.7% compared to the same month of the previous year in June, which was a deterioration from May's 6.4% increase. Inflation Rate in Latvia increased by 0.8 % in October 2022 over the previous month. Price rise for bread (36.6%), bakery products (27.2%), flours and other cereals (63.9%), pasta products (35.4%) and rice (41.7%) had the strongest upward influence on the average price level within the group. This means that today's prices are 12.44 times higher than average prices since 1992, according to the OECD and the World Bank consumer price index for Latvia. Over the year, the most significant rise in the prices was for heat energy, solid fuels, natural gas and electricity. Forecasts of Latvijas Banka. This will slightly reduce inflation. Contacts +372 668 0719 [email protected] Inflation Rate in Latvia increased by 21.8 % in October 2022 over the same month in the previous year. In short Latvijas Banka has increased its inflation forecast for 2021 to 3.2% and for 2022 - to 6.1%; Inflation has risen mainly due to global energy prices, but it has also been affected by increasing global food prices, supply-chain problems as well as the growing demand and producer costs driven by the rise in wages; Although Lichtenstein appears last on this list, it is important to note that its numbers are from December, when the whole world had lower inflation rates. This means secondary effects will have an effect on consumer price changes. Downturn was also registered in prices of dried, smoked or salted fish (5.0%). Food, housing and transport-related costs have seen the highest increase in costs. According to a survey of nearly 3,500 adults published by the Australian National University on Thursday, 25.1 percent of Australians are struggling to make ends meet on . Updated: October 13, 2022. But abortion and crime are nearly as prominent; 42% and 40% of voters, respectively, say each of these is extremely important. Cookies can be deleted at any time. This category only includes cookies that ensures basic functionalities and security features of the website. CPI Transportation in Latvia increased to 139 Index Points in October 2022. Prices rose for tea (4.4%), flours and other cereals (1.1%), margarine (5.2%), frozen fish (3.9%) and meat preparations (1.0%). Core Inflation Rate in Latvia averaged 3.10 percent from 1997 until 2022, reaching an all time high of 14.30 percent in January of 1997 and a record low of -5.20 percent in March of 2010. Prices of goods and services related to transport increased by 20.1%, which was determined by the rise in prices of fuels for transport by 32.1%. Google+, Copyright: 2022. Annual inflation in Latvia has reached 21.5% 2022-08-08 LETA/TBT Staff RIGA - In July 2022, compared to July 2021, the average level of consumer prices in Latvia increased by 21.5 percent, according to the latest data of the Central Statistical Bureau. September's expected inflation in Latvia at 22.2% BNN October 10, 2022 Photo: Unsplash In September 2022, compared to September 2021, the average level of consumer prices increased by 22.2 %. European inflation has been on the upswing like most of the rest of the world in 2022. Inflation slowed a little in September. This data was released on for the reference month of October 2022. Prices of goods increased by 43.1% and prices of services by 30.4%. You have entered an incorrect email address! The average level of restaurant and hotel service prices went up by 18.2%. The maximum level was 112 Index Points and minimum was 55.3 Index Points. The price rise is observed for all types of food, but it is the most rapid for bread, dairy products, cooking oil, vegetable and sugar. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The maximum level was 110 Index Points and minimum was 50.26 Index Points. Motor vehicle insurance, retirement home fee for elderly persons, hairdressing and personal grooming establishment services were more expensive as well. Lastly, harmonized consumer prices increased 1.50% in September over the previous month, accelerating from August's 0.41% increase. Consumer price inflation is forecast to reach 15.1% in 2022, driven by surging energy prices and their knock-on effects on other consumer price components. The Ministry of Finance notes that, when compared to December 2021, consumer price level has remained unchanged. Monday 7 November 2022:: The government support announced for the 2022-2023 heating season - approximately EUR 740 million - will have an effect on Latvia's GDP at the level of 0.64%, according to the Bank of Latvia. The next inflation update is scheduled for release on Oct. 13 at 8:30 a.m. Over the year average increase of 4.8% was observed in prices of tobacco products. Nearly half of U.S. registered voters, 49%, say the economy will be extremely important to their vote for Congress. Compared to October 2021, the average level of consumer prices was mainly 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, goods and services related to recreation and culture, health care, alcoholic beverages and tobacco products in October 2022. Meanwhile, housing and utilities prices increased at a softer pace. Please enable it. Published by Statista Research Department , Aug 5, 2022 As of February 2022, the inflation rate for the United States was set to reach 6.56 percent in the first quarter of 2022. | Latvia Inflation | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed, Latvia: Industrial output falls at sharpest rate since May 2020 in September, Latvia: Harmonized inflation comes in at highest level since our records began, Latvia: Decline in industrial output softens in August, Latvia: Industrial activity falls at sharpest rate since August 2020 in July, Latvia: GDP growth grows at softest pace in over a year in Q2, Inflation Rate (CPI, annual variation in %). Since the Inflation Reduction Act is a 10-year plan, the changes won't happen immediately. Published: 18.10.2011 Updated: 10.06.2022. Latvia: GDP growth grows at softest pace in over a year in Q2 August 31, 2022 GDP growth moderated to 3.0% year on year in the second quarter, from 6.7% in the first quarter. Lastly, harmonized inflation fell to 7.5% in January, from December's 7.9%. To find a higher rate, you'd have to go back to the . A man uses his mobile phone in front of monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, Nov. 8, 2022. With effect from January 2017 Consumer price inflation publication, these data are published on a monthly basis showing the . LinkedIn Increase was observed in prices of catering services, of which prices of restaurant and caf services rose by 15.7%, of canteen services by 18.3% and of fast food services by 16.9%. The maximum level was 109 Index Points and minimum was 35.1 Index Points. 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