Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with the Republic of Latvia. Latvia is facing an inflation shock, slow growth, and geopolitical challenges. After averaging 17.2 percent in 2022, headline inflation remained elevated at 12.3 percent y/y in May, largely driven by high energy and food price increases. Core inflation also accelerated to 12.4 percent y/y in May, as the second-round effects of energy prices were broad-based and much stronger than anticipated.

https://www.miragenews.com/imf-ends-2023-article-iv-review-with-latvia-1082868/

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