Survey: Lithuanian businesses plan steepest price hikes in the Baltics
A new study shows that Lithuanian companies are more likely to raise prices significantly this year compared to their Estonian and Latvian counterparts, mainly due to rising overall costs.
According to a survey conducted by Norstat for Luminor, Lithuanian entrepreneurs are planning to raise prices much more aggressively this year than businesses in Estonia and Latvia.
The results indicate that 37% of companies in Lithuania intend to increase prices by more than 5%, compared to 26% in Latvia and just 18% in Estonia. A more moderate price increase of up to 5% is planned by about 13% of businesses in all three Baltic states.
Estonian companies are more conservative. Marjan Savchenko, head of corporate banking at Luminor, noted that Estonian firms must consider changed customer expectations more than their competitors in Latvia and Lithuania, so they are not quick to pass on higher costs to consumers. Nearly half (48%) of Estonian businesses plan to keep prices unchanged, while only 31% in Lithuania and 42% in Latvia plan to do so.
The main reason for planned price increases is the general rise in costs. This was cited by 48% of Lithuanian companies, 62% of Latvian companies, and 46% of Estonian companies. The second most important factor is the increase in labor costs, mentioned by 23% of Lithuanian, 12% of Latvian, and 19% of Estonian companies.
Savchenko pointed out that economic conditions and tax policies differ across the three countries, leading to varying cost forecasts and pricing approaches. Lithuania’s economy grew faster than the other Baltic states, while its inflation was the lowest. In 2025, Estonia’s economic growth was 0.6% with 4.8% inflation; Lithuania saw 2.9% growth and 3.4% inflation.
The survey does not imply that all companies will raise prices uniformly across all goods and services. Businesses also consider profitability, customer price sensitivity, and the overall economic environment. In Estonia, price increases of more than 5% are mainly planned by large industrial and construction companies with annual revenues exceeding €1 million.
The survey was conducted by Norstat in May 2026 on behalf of Luminor, involving 750 business executives and financial directors from the three Baltic countries, with 250 respondents from each.
