Latvia: Inflation rises to highest level in nearly five yearsInflation rises in February to highest level in nearly five years
March 10, 2017
In February, consumer prices increased 0.4% from the previous month, which came in above January’s 0.1% increase. According to the Central Statistical Bureau, February’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 2.9% in January to 3.2% in February and marked the highest level since March 2012. Due to the rise, the annual average variation in consumer prices increased from January’s 0.4% to 0.7% in February.
Harmonized consumer prices—derived from the Harmonized Index of Consumer Prices (HICP)—increased 0.4% month-on-month in February, which was above the 0.1% rise recorded in January. HICP inflation rose to 3.2% in February from 2.9% in January. The annual average variation in HICP inflation inched up from 0.14% in January to 0.47% in February.
Author: Luis Lopez Vivas, Economist