Latvia: Consumer prices fall in December
January 13, 2014
In December 2013, consumer prices remained unchanged over the previous month, which was above the 0.5% decrease observed in the November. The monthly drop reflected that higher prices for fresh food, fuels and transport offset lower prices for clothing and footwear.
Consumer prices fell 0.4% in December over the same month of the previous year, which matched the decline registered in November. Meanwhile, HICP inflation (based on the harmonized index of consumer prices) fell 0.3% over the same month of the previous year in November (October: 0.0 year-on-year), the last month for which data are available. Annual average HICP inflation inched down to 0.2% in November (October: 0.3% yoy).
FocusEconomics Consensus Forecast panelists expect HICP inflation to average 2.0% in 2014, which is down 0.2 percentage points from last month's projection. For 2015, the panel expects HICP inflation to average 2.4%.
Author: Ricardo Aceves, Senior Economist