Inflation 3.4% on year in March

Data released April 10 by the Central Statistical Bureau (CSB) show that during the year (in March 2017, compared to March 2016) the average level of consumer prices in Latvia increased by 3.4 %.

Prices of goods grew by 3.5 % and prices of services by 3.0 %.

Compared to March 2016, in March 2017 the greatest pressure on the price changes was put by the rise in prices of food and non-alcoholic beverages, goods and services related to transport, goods and services related to housing, prices in communication group, as well as prices of alcoholic beverages and tobacco products.

Compared to February 2017, in March 2017 the average level of consumer prices grew by 0.9 %. Prices of goods increased by 1.0 % and prices of services by 0.6 %.

Responding to the data, the Finance Ministry said it expected price pressure to reduce in coming months after picking up momentum recently, but hinted that the ultra-low inflation regime of the last couple of years was over.

"Judging by the first three months of data, it can be concluded that the forecasts for rising consumer prices this year are justified," it said.

"Since September last year, food prices showed an increase on a monthly basis, but in March for the first time a monthly basis fell, suggesting that food prices should stabilize," the Ministry added.

 

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