Latvia Inflation September 2016

Latvia

Latvia: Inflation shoots up in September

In September, consumer prices increased 0.4% from the previous month, which contrasted August’s 0.6% decrease. According to the Central Statistical Bureau, the monthly jump stemmed from higher prices for clothing and footwear and for food and non-alcoholic beverages.

Inflation climbed from a flat reading in August to 0.6% in September, the highest level in 15 months. Due to the jump, the annual average variation in consumer prices inched up from August’s minus 0.3% to minus 0.2% in September

Harmonized consumer prices—derived from the Harmonized Index of Consumer Prices (HICP)—decreased 0.7% month-on-month in September (the last month for which data are available), deteriorating from the 0.3% drop in August. HICP consumer prices fell 0.1% annually, contrasting the 0.1% increase in August. The annual average variation in HICP inflation stabilized at August’s minus 0.3% in September.

The Central Bank expects HICP consumer prices to fall, on average, 0.4% this year. Due to a recovery in commodities prices, the Bank predicts that inflation will increase to 1.3%. FocusEconomics Consensus Forecast panelists expect HICP inflation to average 0.2% in 2016, which is unchanged from last month’s projection. For 2017, the panel expects inflation to average 1.9%.


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Latvia Inflation September 2016

Note: Month-on-month changes and annual variation of consumer price index (CPI) in %.
Source: Central Statistical Bureau.


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