Latvia Inflation


Consumer prices fall in August over same month last year

In August, consumer prices plunged 0.8% over the previous month (July: -0.3% month-on-month), which marks the sharpest monthly decrease in four years. According to the statistical office, the monthly fall mainly reflects lower prices for food as well as for communications.

As a result of the monthly reading, consumer prices fell 0.2% in August over the same month last year, (July: +0.4% year-on-year), the first negative result after two consecutive months of rising prices. Meanwhile, HICP inflation (based on the harmonized index of consumer prices) rose from 0.2% in June to 0.5% in July, the most recent month for which data are available. Annual average HICP inflation dropped to 0.8% in July (June: 0.9% yoy).

The Central Bank expects HICP inflation to average 0.7% in 2013 (previous estimate 2.0%). FocusEconomics Consensus Forecast panelists expect HICP inflation to average 0.9% this year, which is down 0.3 percentage points from last month's projection. For 2014, the panel expects HICP inflation to average 2.5%.

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Latvia Inflation Chart

Latvia Inflation August 2013

Note: Month-on-month and year-on-year variation of consumer price index in %.
Source: Central Statistics Bureau and FocusEconomics calculations.

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