Inflation completely flat

According to the latest data of the Central Statistical Bureau (CSB), compared to November 2014, the average consumer price level in November 20151 did not change.  Prices of goods decreased by 0.8%, while prices of services grew by 2.2%.

Compared to October 2015, the average level of consumer prices in November 2015 was also unchanged. Prices of goods increased by 0.1%, while prices of services declined by 0.2%.

"The greatest pressure on consumer price changes in November was put by growth in prices of food and non-alcoholic beverages, as well as by drop in prices of clothing and footwear, transport goods and services, recreation and culture, furnishings," the CSB said.

Compared to the previous 12 months, the average consumer price level over the last 12 months, grew by just 0.2%.

A commentary on the figures from Swedbank said: "The growth-limiting effect from global commodity prices will start to gradually ease going forward. Yet a sharp increase in the global commodity prices in the nearest future is not expected." 

"With the global commodity price development playing a less important role, consumer prices in Latvia will be increasingly dependent on domestic factors, for instance, strong wage growth and excise tax hikes for fuel products. We expect that the prices will grow by 1.5% next year and by 2.3% in 2017."

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