Latvia: Consumer prices fall over same month last year in September
October 8, 2013
In September, consumer prices increased 0.3% over the previous month (August: -0.8% month-on-month). According to the statistical office, the monthly rise mainly reflects higher prices for clothing and footwear.
Consumer prices fell 0.4% in September over the same month last year, (August: -0.2% year-on-year). Meanwhile, HICP inflation (based on the harmonized index of consumer prices) fell from plus 0.5% in July to minus 0.1% in August, the most recent month for which data are available. Annual average HICP inflation dropped to 0.7% in August (July: 0.8% yoy).
The Central Bank expects HICP inflation to average 0.7% in 2013 (previous estimate 2.0%). FocusEconomics Consensus Forecast panelists expect HICP inflation to average 0.5% this year, which is down 0.4 percentage points from last month's projection. For 2014, the panel expects HICP inflation to average 2.5%, which is unchanged from last month's estimate.
Author: Carl Kelly, Economist