Annual inflation ticks up in November

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Annual inflation in Latvia ticked up to 0.9% in November according to latest data published Monday by the Central Statistics Bureau (CSB).

The equivalent figure for October was 0.7%.

However, compared to October, consumer prices in November 2014 actually decreased by 0.3%

"Price developments of first necessity goods remain rather favorable for consumers," Swedbank said in a commentary on the data.

"Global oil price developments still put a downward pressure on goods prices. There is currently an oversupply in the oil market and so far no intentions to cut the production, thus oil prices continue falling.

Domestically, gradually growing labour costs still continue to support services price growth."

"Our forecast that average consumer price growth will be at 0.8% this year remains unchanged. Next year we expect somewhat higher inflation (2.1%), supported by the hike in electricity tariffs," Swedbank said.

On Friday the Latvian Central Bank said it predicted inflation of around 2.4 percent next year.

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