Latvia recorded a higher annual inflation rate in May than the average levels in both the European Union (EU) and the euro area, according to data published on Wednesday by the EU’s statistical office, Eurostat.
Annual inflation in Latvia stood at 3.5% in May, matching the rates recorded in Ireland and Cyprus.
Consumer prices increased year-on-year in all EU member states during the month.
The lowest inflation rates were registered in Sweden (1.1%), Denmark and the Czech Republic (both 1.8%), Malta (2.1%), and Hungary (2.3%).
Meanwhile, the highest annual inflation rates were recorded in Romania (9.7%), Bulgaria (6.3%), Lithuania (5.1%), Croatia and Greece (both 4.9%), and Luxembourg (4.5%). In Estonia, annual inflation stood at 3.6%, the same as in Spain.
Across the EU as a whole, annual inflation in May was 3.3%, while in the euro area it amounted to 3.2%.
Compared with the previous month, April, consumer prices in May increased by 0.1% in both the EU and the euro area.
In Latvia, consumer prices rose by 0.6% month-on-month, matching the increases recorded in Denmark and Greece. Monthly inflation was observed in 19 EU member states, with the highest increase recorded in Malta (+1.4%).
The largest monthly decline in consumer prices was registered in Belgium (-0.3%), while prices remained unchanged in Hungary and the Netherlands. In Lithuania, as in Germany, consumer prices fell by 0.1%, while in Estonia, as in Finland, they increased by 0.5%.
Eurostat calculates inflation using the Harmonised Index of Consumer Prices (HICP), the standard measure used across the European Union to ensure comparability between member states.
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