Latvia Inflation March 2022

Latvia

Latvia: Inflation comes in at highest level since November 2008 in March

April 8, 2022

Consumer prices rose 3.37% in March over the previous month, accelerating from the 1.63% increase logged in February. March's result was the highest reading since January 1996. Looking at the details of the release, housing and utilities prices rose at a quicker pace in March compared to the previous month and price pressures for transportation picked up pace.



Inflation came in at 11.5% in March, up from February’s 8.7%. March's figure was the highest inflation rate since November 2008. Annual average inflation rose to 11.5% in March (February: 8.8%). Lastly, harmonized inflation rose to 11.5% in March, from the previous month's 8.8%.

FocusEconomics panelists see harmonized inflation averaging 7.8% in 2022, which is up 1.5 percentage points from the previous month’s forecast, and 3.3% in 2023.


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Latvia Inflation March 2022 1

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Central Statistics Bureau and FocusEconomics Consensus Forecast.


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