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Income growth in Lithuania expected to exceed inflation 3-4 times this year – minister

The growth of personal income in Lithuania is expected to exceed inflation three to four times this year, depending on the household type, Social Security and Labor Minister Monika Navickiene said on Tuesday.

“Last year (…) the race against inflation was quite difficult; it was not easy. Even with several increases in basic benefits, they were more aimed at mitigating the consequences of inflation for the Lithuanian population,” Navickiene told a news conference.

“This year, however, the race should be won by the Lithuanian people, because their projected incomes will exceed the projected inflation 3-4 times, so the (increasing) purchasing power of the population should be felt by everyone in Lithuania,” she added.

Figures from the Social Security and Labor Ministry show an average year-on-year increase of 62 euros, or 12 percent, in household incomes in January.

The Finance Ministry forecasts that Lithuania’s average annual inflation will decelerate to 2.8 percent this year.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)


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