LV: Latvian deflation of 2.4% y/y highest in EU in May-Eurostat.

By bne IntelliNews June 17, 2010
Latvia posted annual deflation of 2.4% in May 2010, which was the highest deflation rate among EU member states, according to a report by European Statistical Agency Eurostat. Latvia posts the highest deflation in EU for the past five consecutive months. 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 2.3% y/y in May, 2010, according to a report by the Central Statistical Bureau. Notably, this is the eight month in a row that annual deflation is posted. Prices decreased by 1% y/y for goods and by 5.6% y/y for services in May. CPI inflation amounted to 11.4% in 2008, while 1.2% y/y deflation was posted in 2009.

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