LV: Latvian deflation of 0.7% y/y 2nd highest in EU in July-Eurostat.

By bne IntelliNews August 17, 2010
According to the report by European Statistical Agency Eurostat, Latvia posted annual deflation of 0.7% in July 2010, which was the second highest deflation rate among EU member states (and the only deflation posted along with Ireland's 1.2%). To remind, Latvia posts the highest deflation in EU for the past eight consecutive months (-2.4% y/y in May, -1.6% y/y in June). Previously, until April 2009, Latvia posted the highest inflation in EU for twenty months in a row and with rare breaks Latvian inflation was among highest in EU for almost four years. Consumer prices decreased by 0.6% y/y in July 2010, according to a report by Central Statistical Bureau. Notably, this is the tenth month in a row that y/y deflation is posted, price decrease moderating since February 2010. Prices increased by 1.1% y/y for goods and went down by 4.8% y/y for services in July.CPI inflation amounted to 11.4% in 2008, while 1.2% y/y deflation was posted in 2009.

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