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Financial News: Latvia Inflation Highest Since June 2008

Latvia Inflation Highest Since June 2008

06/08/2022 - 09:21:00 (RTTNews)

(RTTNews) - Latvia's consumer price inflation accelerated further in May to reach its highest level in almost fourteen years, as the majority of commodity groups indicated rising prices, preliminary data from the statistical office showed on Wednesday.

Consumer prices surged 16.9 percent year-on-year in May, following a 13.0 percent rise in April.

The index has been rising since March 2021 and the latest rate of increase was the fastest since June 2008, when prices had risen 17.7 percent.

The recent rise in inflation was largely contributed by a 34.4 percent jump in housing costs.

Prices for food and non-alcoholic beverages also registered a double-digit growth of 18.2 percent annually in May. Prices of goods and services related to transport grew 27.7 percent due to higher fuel costs.

On a monthly basis, consumer prices increased at a faster rate of 4.0 percent in May, after a 2.2 percent rise in April.

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