Latvia's consumer price index (CPI) expanded 2.9% y/y in January, data released by the Central Statistical Bureau (CSB) on February 10 showed.
With price growth picking up speed on December’s growth of 2.2% y/y, January was the seventh successive month of rising CPI. The index added just 0.1% in 2016, having been tipped into the black by the December rise.
In monthly terms, prices grew 0.1% in January, clearly slower than the 0.6% growth the previous month. Most commodities-based sectors saw prices increase on an annual basis, the CSB data shows, although prices fell in clothing and footwear as well as in the housing segment.
The biggest price growth came in the food segment, where prices expanded 6.2%. In transport and communication, CPI grew 5.6% in each category.
Inflation will rebound to 2.5% in 2017, forecasts Swedbank. The European Commission is more cautious, predicting inflation of 1.8% this year.