Latvian inflation picks up in May

The latest data from the Central Statistical Bureau (CSB) released June 8 show that during the year in May 2018, compared to May 2017, the average level of consumer prices rose by 2.3 %. Prices of goods grew by 1.9 % and prices of services by 3.2 %.

Compared to May 2017, in May 2018 the average level of consumer prices was mainly influenced by the rise in prices of goods and services related to transport, goods and services related to housing, alcoholic beverages and tobacco products, prices in miscellaneous goods and services group, as well as prices of health care, the CSB said.

Compared to April 2018, in May 2018 the average level of consumer prices rose by 0.3 %. Prices of goods increased by 0.3 % and prices of services by 0.4 %. The greatest pressure on the consumer prices was exerted by the growth in prices of goods and services related to transport, food and non-alcoholic beverages, prices in miscellaneous goods and services group, as well as by the drop in prices of goods and services related to recreation and culture, and prices of clothing and footwear.

Average annual inflation was 2.5 percent.

"We predict that this year's average annual inflation will be similar to that observed in 2017. This will be affected by the various supply side factors associated with tax increases, as well as the demand side, which will be driven by an increase in economic activities and an increase in remuneration. At the same time, inflation will still largely depend on world oil and food price volatility," said the Economics Ministry ion response to the figures.

 

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