Latvia inflation accelerates in May

Figures

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Latvia's consumer price inflation accelerated further in May to reach its highest level in almost fourteen years, as the majority of commodity groups indicated rising prices, preliminary data from the Riga-based Central Statistical Bureau (CSB) showed on Wednesday.

Consumer prices surged 16.9% year-on-year in May, following a 13% rise in April.

The latest rate of price increase was the fastest since June 2008, when it had risen 17.7%.

The recent rise in inflation was largely contributed by a 34.4% jump in housing costs.

Prices for food and non-alcoholic beverages also registered a double-digit growth of 18.2%.

Cost for goods and services related to transport grew 27.7% due to higher fuel costs.

On a monthly basis, consumer prices increased 4.0% in May, after a 2.2% rise in April.

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