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Ford drives hike in car production in Romania
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Latvia's consumer price index (CPI) grew 3.1% y/y in August, data released by the country's Central Statistical Bureau (CSB) on September 8 showed.
The reading means price growth picked up pace following July’s 2.6% y/y growth rate. Inflation has now grown for 12 months straight, in line with forecasts for a decisive pick-up in CPI this year after the index barely moved in 2016. Price growth appears to be driven by the tightened labour market and the return of EU-funded investment, which exert demand-led price pressure.
In monthly terms, prices fell 0.2%, compared to a fall of 0.7% the previous month. All but two segments recorded annual price growth in June.
Prices in the food segment were the main driver behind the headline figure, growing 6.8% y/y. Prices in the transport segment also contributed, expanding 2.2% y/y in August.
The CPI is expected to grow by 2.2% in 2017, according to the European Commission. Swedbank is a tad less conservative, predicting prices will grow 2.5%. The index added just 0.1% last year.
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