International Internet Magazine. Baltic States news & analytics
Friday, 24.03.2017, 00:06
The Bank of Latvia has raised the inflation forecast for this year from 1.6% to 2.7%, the bank reported.
Keyword tags: Analytics, Banks, Financial Services, Inflation, Latvia
There is no point in being afraid of thunder – lightning is the real danger. Thunder just reflects with a lag the flashes of lightning by way of sound. An increase in consumer prices is a similar story: it is an objective reflection of previous developments on the global commodity markets.
The latest data of the Central Statistical Bureau (CSB) show that during the year* (in February 2017, compared to February 2016) the average level of consumer prices increased by 3.3%. Prices of goods grew by 3.4% and prices of services by 3.0%.
Inflation continued to rise in Estonia, and it was at its fastest for four years in February. Inflation is being driven by higher global prices for oil and food, and by higher excise rates. Core inflation has also risen in recent months because of service prices
According to Statistics Estonia, the change of the consumer price index in February 2017 was 1.3% compared to January 2017 and 3.4% compared to February of the previous year.
Latvia's harmonized annual inflation was among the highest in the European Union (EU) in January, Eurostat said on Wednesday.