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Financial News: Latvia Inflation Accelerates Sharply In May

Latvia Inflation Accelerates Sharply In May

06/08/2021 - 09:33:00 (RTTNews)

(RTTNews) - Latvia's consumer price inflation accelerated sharply in May, preliminary data from the statistical office showed Tuesday.

The consumer price index rose 2.6 percent year-on-year following a 1.7 percent increase in April. Prices rose for a third straight month. In May, inflation was mainly influenced by the rise in prices of goods and services related to transport, food and non-alcoholic beverages, recreation and culture, health care, alcoholic beverages and tobacco products, clothing and footwear.

Prices in the food and non-alcoholic beverages group increased 0.9 percent. Clothing and footwear prices rose 2.6 percent. The health care group prices grew 3.0 percent. The transport group prices increased 11.4 percent, driven by a 29.5 surge in prices of automotive fuel. Prices in the recreation and culture segment rose 3.0 percent.

Compared to the previous month, prices climbed 0.5 percent after a 0.4 percent fall in April.

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