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Latvia Inflation May 2023

Latvia: Harmonized inflation falls to over one-year low in May

Harmonized inflation came in at 12.3% in May, which was down from April’s 15.0%. May’s reading represented the lowest inflation rate since March 2022. Looking at the details of the release, prices for food and non-alcoholic beverages rose at a slower pace in May. Prices for transportation decreased at a faster rate. Meanwhile, housing and utilities prices rose at a softer pace.

Accordingly, the trend pointed down, with annual average harmonized inflation coming in at 19.4% in May (April: 19.8%). Meanwhile, consumer price inflation fell to 12.1% in May, from April’s 15.1%.

Lastly, harmonized consumer prices increased 1.45% from the previous month in May, accelerating from the 0.40% rise logged in April. May’s uptick marked the highest reading since September 2022.

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