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Lithuania Inflation June 2023

Lithuania: Harmonized inflation falls to lowest level since October 2021 in June

Harmonized inflation fell to 8.2% in June below May’s 10.7%. June’s reading marked the weakest inflation rate since October 2021. The downturn was broad-based with prices for food and non-alcoholic beverages, and utilities driving the overall decline. Meanwhile, prices for transportation declined for the second consecutive month at the tail-end of Q2.

In addition, the trend pointed down, with annual average harmonized inflation coming in at 17.3% in June (May: 18.4%). Meanwhile, consumer price inflation fell to 9.0% in June, from the previous month’s 11.7%.

Finally, harmonized consumer prices fell 0.10% in June over the previous month, a smaller drop than May’s 0.12% fall.

Inflationary pressures for all major components of inflation seems to have already peaked. In turn, inflation should continue easing in H2, mostly thanks to cooling prices growth for energy resources, food and other commodities, and lower transportation costs. That said, sustained growth in labor costs will likely keep services inflation elevated through year-end, thus preventing a larger moderation in overall price pressures this year.

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