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Saturday, 21.01.2017, 21:42
This time, the economic analysts were unanimous in their assessment that inflation would rise, but the actual data still exceeded the forecast; and it was the result of supply side factors. In December, consumer prices rose 0.6% month-on-month and 2.2% year-on-year. This ended the four-year period of very low (close to zero) inflation.
Keyword tags: Banks, Direct Speech, Economics, Inflation, Latvia
The annual average inflation (12 months of 2015 against 12 months of 2016) in Latvia was 0.1% last year, according to the Latvian Central Statistical Bureau. The latest data of the Central Statistical Bureau (CSB) show that during the year* (in December 2016, compared to December 2015) the average level of consumer prices increased by 2.2%. Prices of goods grew by 1.7% and prices of services by 3.4 %.
Inflation was affected most in December by fuel, seasonal goods and air tickets. Average inflation in 2016 was close to 0%. Inflation will rise to around 3% in 2017.
In November this year, Latvia recorded the sixth highest inflation rate among EU member states, according to the latest data released by Eurostat on Friday.
According to the data of Central Statistical Bureau, the consumer price level in November was by 0.2% higher than in October and 1.3% higher year-on-year. As was expected the rise in inflation was mostly on account of rising agricultural and food as well as energy resource prices, which is beginning to find reflection in the costs of several branches and influence final consumption prices.
The latest data of the Central Statistical Bureau (CSB) show that during the year* (in November 2016, compared to November 2015) the average level of consumer prices increased by 1.3%. Prices of goods grew by 0.6% and prices of services by 2.9%.
In October this year, Latvia recorded the third highest inflation rate among EU member states, according to the latest data released on Thursday by Eurostat writes LETA.