In January, consumer prices jumped 1.3% over the previous month, well above the 0.1% price increase observed in December. Higher prices were driven by an increase in the VAT rate from 21% to 22%, introduced on 1 January in order to trim the budget deficit, as well as higher prices for transport, which in turn reflected rising fuel prices. As a result of the monthly increase, annual headline inflation jumped to 3.7%, up from 2.5% in December, overshooting analyst expectations of a 3.1% rise. The reading represented the highest inflation level since May 2009. In its January macroeconomic development report, the Central Bank expects HICP inflation to average 2.4% this year.
Inflation at highest level in over two years
February 8, 2011
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Latvia Economic News
October 10, 2016
In September, consumer prices increased 0.4% from the previous month, which contrasted August’s 0.6% decrease.
October 4, 2016
Industrial production in Latvia contracted 0.6% year-on-year in August, which contrasted the 2.6% increase in July.
September 8, 2016
In August, consumer prices fell 0.6% over the previous month and came in below July’s 0.3% decrease.
September 5, 2016
Industrial production in Latvia grew 2.7% year-on-year in July, which was down from 7.9% increase in June.
August 31, 2016
In the second quarter, Latvia’s economy increased 2.1% year-on-year, according to a revised set of data released by the Statistical Institute on 31 August.