Latvia Inflation November 2021

Latvia

Latvia: Inflation hits neat 13-year high in November

December 8, 2021

Consumer prices increased 1.05 in November over the previous month, below October's 1.14% rise. Looking at the details of the release, prices for transportation increased at a slower pace, while prices for alcoholic beverages and tobacco dropped. However, prices for food and non-alcoholic beverages and housing and utilities increased at a quicker pace.



Inflation increased to 7.5% in November, above October’s 6.0%. November's reading was the highest inflation rate since March 2009. Consequently, the trend pointed up, with annual average inflation coming in at 2.6% in November (October: 1.9%). Lastly, harmonized inflation rose to 7.4% in November, from October’s 6.0%.

FocusEconomics panelists see harmonized inflation averaging 3.4% in 2022, which is up 0.4 percentage points from last month’s forecast, and 2.2% in 2023.


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Latvia Inflation November 2021 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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