EIB survey: 53% of Latvians say energy price rises have cut their purchasing power
A European Investment Bank survey finds that 53% of Latvian residents say rising energy prices over the past year have significantly reduced their purchasing power. Another 40% have cut spending on food or healthcare.
More than half of Latvia's residents – 53% – say energy price increases over the past 12 months have significantly reduced their purchasing power. This comes from a climate survey by the European Investment Bank (EIB, the European Union's financing institution), which the bank reported to the news agency LETA. The results show that rising prices affect everyday spending and habits, while people mainly expect the energy transition to bring stable or lower prices.
Impact on household budgets
In the survey, 15% of Latvians said the effect of energy prices on their purchasing power was very strong. A further 40% cut spending on food or healthcare because of rising prices. Some 24% ran into debt, had to ask for financial help or postponed paying energy bills; the EU average for this answer was 16%. Heating in homes was reduced by 15% of Latvians, compared with 34% on average in the EU.
Travel habits
Overall, 56% of Latvians changed how they use their cars. For basic daily needs such as shopping or medical visits, 25% made fewer trips, while 29% gave up holiday trips or visits to relatives and friends. Another 25% replaced individual car journeys with car sharing, public transport or cycling, and 10% began driving more slowly to save fuel.
Expectations from the energy transition
Stable or lower energy prices were named as the main benefit by 33% of respondents – the highest figure in the EU, where the average is 21%. In 2022 the main benefit was seen as less dependence on imported oil and gas. Overall, 78% expect more stable or lower prices, 74% expect less dependence on imported oil and gas, and 66% believe it will help slow climate change. The transition is seen as urgently needed by 58% of Latvians, against an EU average of 75%.
Over the next three years, 36% plan to insulate their homes (EU average 24%). Priority for low-carbon energy is wanted by 83%: solar is named by 35%, hydropower by 30%, wind by 29%, and wood-based energy by 25% (EU average 8%).
EIB Vice-President Karl Nehammer says investment in Latvia's power grids, renewables and links with neighbouring countries lowers energy costs and ensures stable supply.
The survey was carried out on 3–25 August with research firm Ipsos bva, covering 23,000 people in all 27 EU states, including 500 in Latvia.
