Consumer prices in Latvia are currently being most affected by the rise in oil prices and the energy crisis in Europe, which has arisen as a result of various economic and political factors, as well as weather conditions. By comparison, in November 2021, fuel prices in Latvia had risen by 39.1%, natural gas by 38.9%, electricity by 24% and heating energy by 26.3%. At the same time, in recent days on the Nord Pool exchange, electricity prices in Latvia have reached unprecedented heights, and in individual hours the price of electricity has even exceeded 1 euro per kilowatt-hour. In addition to energy resources, food prices also continued to rise in November, increasing by 6.2% compared to the previous year. This increase was already expected, and it is primarily linked to the rise in global food prices over the past year. Global food prices are currently continuing to rise, so, in my opinion, it cannot be ruled out that food price inflation in Latvia could reach 10% at the beginning of next year.