Latvia Inflation November 2016

Latvia

Latvia: Inflation climbs further in November

December 8, 2016

In November, consumer prices increased 0.2% from the previous month, which came in below October’s 0.8% increase. According to the Central Statistical Bureau, November’s figure stemmed mainly from higher prices of food and non-alcoholic beverages as well as for services related to transportation, while prices for clothing and footwear declined from the previous month.

Inflation increased from 1.1% in October to 1.3% in November and marked the highest level since December 2012. Due to the rise, the annual average variation in consumer prices inched up from October’s minus 0.1% to a flat average figure in November.

Harmonized consumer prices—derived from the Harmonized Index of Consumer Prices (HICP)—increased 0.1% month-on-month in November, which was down from the 0.6% rise in October. HICP inflation inched up to 1.2% in November from 1.1% in October. The annual average variation in HICP inflation inched up from minus 0.1% in October to zero in November.

The Central Bank expects HICP consumer prices to stay flat 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 be flat in 2016, which is down 0.1 percentage points from last month’s projection. For 2017, the panel expects inflation to average 1.9%, which is unchanged from last month’s forecast.


Author:, Senior Economist

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Latvia Inflation Chart


Latvia Inflation November 2016

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


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