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Latvia Inflation November 2022

Latvia: Harmonized inflation remains stable in November

Harmonized inflation came in at 21.7% in November, matching Octobers figure. Looking at the details of the release, the change in prices for food and non-alcoholic beverages rose at a slower pace in November. Prices for transportation rose at a softer pace.

The trend pointed up, with annual average harmonized inflation coming in at 16.2% in November (October: 15.0%). Meanwhile, consumer price inflation ticked up to 21.8% in November, from the previous month’s 21.7%.

Finally, harmonized consumer prices rose 1.06% in November over the previous month, accelerating from the 0.84% increase seen in October.

On the outlook ahead, analysts at the EIU commented:

“Inflation in 2023 will remain above-trend as energy prices remain high and support measures expire. Latvia’s euro zone membership means that it cannot tighten monetary policy further or faster than the rest of the bloc in order to manage inflationary expectations. Nominal wage growth is set to slow to 7.5% in 2023 as the country tips into recession, with real wages falling by 1.6%.”

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