Analytics, Financial Services, Latvia

The second all-time highest level was recorded in May – LVL 176.11, whilst before that, in January of 2009 – LVL 174.41.

Compared to June 2010, when the minimum monthly subsistence level was LVL 166.35, the subsistence level this past June has increased by LVL 10.28. The minimum monthly subsistence level in June 2009 was LVL 168.38, writes LETA.

The subsistence level in April was LVL 174.22, in March – LVL 173.51, in February – LVL 172.28, whilst in January – LVL 171.41.

SEB banka socioeconomic expert Edmunds Rudzitis commented to Nozare.lv that a person's actual subsistence level could be even higher than CPB's data indicates because "the methodology used is totally outdated."

"The minimum right now reflects the minimum amount necessary for survival 20 years ago at today's prices," explained Rudzitis, adding that he feels that calculating such an indicator is not useful. However, he declined to guess how much higher the level could be.

The content of the complete minimum consumer basket of goods and services was approved by the Council of Ministers on April 8, 1991. The minimum consumer basket does not include alcoholic beverages, tobacco and luxury items.

The value of the minimum consumer basket of goods and services is calculated monthly per one resident in Latvia by the Central Statistical Bureau.