Inflation dips to 0.7%

Inflation in Latvia remains well under control according to the latest data from the Central Statistics Office (CSB) released Monday.

Compared to October 2013, the average consumer price level in October 2014 rose by 0.7%.

September's equivalent figure was 1.0%.

Prices of goods decreased by 0.2%, while prices of services grew by 2.9%.

Over the last 12 months, the average consumer price level has increased by 0.5%.

"Compared to October 2013, the greatest pressure on the price changes in October 2014 was put by rise in the prices of alcoholic beverages and tobacco, services related to housing, hotel and restaurant services, recreation and culture, as well as by drop in the prices of food and non-alcoholic beverages, transport goods and services," the CSB said.

Compared to the previous month, the average level of consumer prices in October 2014 did not change with small price rises for goods and services offset by a reduction in food prices, particularly in the dairy sector.

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Economy
Economy