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Sunday, 04.12.2016, 03:56
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.
Keyword tags: Analytics, Baltic, Economics, EU – Baltic States, Inflation, Latvia, Statistics
According to the Central Statistical Bureau data, the consumer price level in October was 0.8% higher than in September and 1.0% higher than in last October. As was expected following the global trends in resource price developments and the development of purchasing prices of selected agricultural products in the previous months here in Latvia, the increase in inflation was on account of the impact from oil prices seen in fuel prices (+4.2% within one month) and the rise in prices of several food products.
Statistics Lithuania informs that in October 2016, compared to September, prices for consumer goods and services increased by 0.5%. The overall price change was mainly influenced by an increase in prices for footwear, clothing, fuels, as well as by a decrease in prices for passenger transport by air, fruit, vegetables.
Most of the rise in prices in October came from a rise in excise. Prices of individual items have made inflation more volatile. Average inflation this year will remain close to 0%.
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.
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.