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Latvia Inflation December 2022

Latvia: Harmonized inflation falls to lowest level since June in December

Harmonized inflation came in at 20.7% in December, which was down from Novembers 21.7%. December’s figure marked the weakest inflation rate since June, but it also remained the highest in the Baltic region and in the Euro area. The result was primarily driven by a more moderate rise in prices for food and non-alcoholic beverages. In addition, price pressures for transportation, and housing and utilities increased at a softer rate.

Nevertheless, annual average harmonized inflation rose to 17.2% in December (November: 16.2%). Meanwhile, consumer price inflation fell to 20.9% in December, from Novembers 21.8%.

Lastly, harmonized consumer prices fell 0.45% from the previous month in December, contrasting the 1.06% rise logged in November. December’s result marked the weakest reading since April 2020.

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