International Internet Magazine. Baltic States news & analytics
Saturday, 27.08.2016, 19:52
In July, Latvian consumer prices increased 0.1% against the same month a year ago in what was the smallest annual inflation rate among all EU member states, according to the latest data released on Thursday by Eurostat.
Keyword tags: EU – Baltic States, Inflation
According to the Central Statistical Bureau data, the consumer price level in July was slightly lower than in June (by 0.3%) and only 0.1% higher than in July 2015. To a great degree, the low inflation is still a reflection of supply side factors; the slackening in the rate of Latvian economic growth is also creating a dampening pressure on prices and inflation can be expected to remain low in the coming months as well.
Latest data of the Central Statistical Bureau (CSB) show that during the year* (in July 2016, compared to July 2015) the average level of consumer prices increased by 0.1 %. Prices of goods decreased by 0.9 %, while prices of services grew by 2.7 %.
Prices for food and non-alcoholic beverages in Lithuania in 2015 were among the lowest across the European Union (EU), figures from the EU statistical office Eurostat showed on June 15th, informs LETA/BNS.
Statistics Lithuania informs that in May 2016, average annual inflation calculated based on the harmonised index of consumer prices (HICP), which is methodologically harmonised with those of other EU member states, was zero and tallied with the CPI-based one.
The impact of inflation raising factors will increase in the coming months, but the inflation dynamic of the first five months of the year 2016 in Latvia invites the assessment that they will not return the average annual inflation to positive territory, Bank of Latvia economist Daina Paula said in a commentary on the central bank's analytical website makroekonomika.lv, cites LETA.
Latest data of the Central Statistical Bureau (CSB) show that, during the year* (in May 2016, compared to May 2015) average level of consumer prices reduced by 0.8%. Prices of goods decreased by 1.6%, while prices of services grew by 1.3%.