Lithuania Inflation February 2022

Lithuania

Lithuania: Inflation comes in at highest level since November 1996 in February

March 8, 2022

Consumer prices increased 1.80% in February over the previous month, slowing down from January's 2.17% rise. Looking at the details of the release, prices for alcoholic beverages and tobacco grew at a more subdued pace, while prices for food and non-alcoholic beverages were largely steady in February.



Inflation came in at 14.2% in February, up from January’s 12.4%. February's figure marked the highest inflation rate since November 1996. Annual average inflation rose to 14.2% in February (January: 12.4%). Finally, harmonized inflation rose to 14.0% in February, from the previous month's 12.3%.

Commenting on the outlook, Malgorzata Kryzwicka, an analyst at Erste Group, noted:



“Inflation is expected to peak in 1Q22 and should gradually decline thereafter as external price pressures should start to fade away and supply-side issues should further ease. Nevertheless, given the elevated inflation levels at the start of the year, average HICP in 2022 is expected to land at 6.1% in Estonia, 5.9% in Latvia and 6.7% in Lithuania.”

FocusEconomics panelists see harmonized inflation averaging 5.4% in 2022, which is up 0.2 percentage points from last month’s forecast, and 2.3% in 2023.


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