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Saturday, 22.10.2016, 02:39
In September this year, Latvia recorded the eighth highest inflation rate among EU member states, according to the latest data released on Monday by Eurostat.
Keyword tags: Analytics, EU – Baltic States, Inflation, Statistics
According to the data of the Central Statistical Bureau, the consumer price level in September was by 0.5% higher month-on-month and by 0.6% higher year-on-year. This dynamic in part resulted from last year's developments, for instance, in the second half of 2015, the drop in energy prices in the world market intensified and thus, against the backdrop of these prices, the current energy prices are not much lower. That is, their negative contribution to the 12-month inflation has considerably diminished. However, several inflation-raising factors are at work this September, mostly on the supply side.
Latest data of the Central Statistical Bureau (CSB) show that during the year (in September 2016, compared to September 2015) the average level of consumer prices increased by 0.6%. Prices of goods decreased by 0.3%, while prices of services grew by 2.8%.
Inflation is low in Estonia, but still amongst the highest in the euro area.Without tax rises, prices would have remained at close to the same level as last year.Inflation will rise further in the coming months.
In September this year, Latvian consumer prices might have risen by 0.4-0.5 percent from August, a survey of bank analysts shows, writes LETA.
The macroeconomic indicators available at this time unfortunately confirm our previously expressed concern: the Latvian economy is cooling down. The year 2016, in all likelihood, will be the year with the lowest growth since the crisis, reports in Forecasts of Latvijas Banka.
Lithuania's EU-harmonized annual inflation rate in August, at 0.5 %, was higher than the average rate in the euro area and that in the whole EU, figures from Eurostat showed on Thursday, reports LETA.