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Latvia Inflation June 2023

Latvia: Harmonized inflation drops to lowest level since January 2022 in June

Harmonized inflation came in at 8.1% in June, down from May’s 12.3%. June’s result represented the weakest inflation rate since January 2022. The decline was broad-based, with reduced price pressures recorded for food and non-alcoholic beverages, transportation, and housing and utilities.

Annual average harmonized inflation fell to 18.3% in June (May: 19.4%). Meanwhile, consumer price inflation fell to 7.9% in June, from May’s 12.1%, also marking the lowest reading since January last year.

Lastly, harmonized consumer prices dropped 1.38% in June over the previous month, swinging from the 1.45% rise recorded in May.

Looking forward, high wage growth, sturdy consumer demand and the upcoming heating season will likely keep price pressures somewhat elevated in the second half of 2023. The Central Banks sees the combination of high inflation expectations and strong wage growth, which in turn could drive output price hikes as key upside risk this year.

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