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 Labour Minister Monika Navickienė has said.
“Last year, the race against inflation was quite difficult. Even with several increases in basic benefits, they were more aimed at mitigating the consequences of inflation for the Lithuanian population,” Navickienė told reporters on Tuesday.
“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 should be felt by everyone in Lithuania,” she added.
Figures from the Social Security and Labour 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.
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