LV: Latvian inflation of 1.5% y/y 4th lowest in EU in November-Eurostat.

By bne IntelliNews December 17, 2012
Latvia posted annual inflation of 1.5% in November 2012, which was the fourth lowest inflation rate among EU member states, according to the report by European Statistical Agency Eurostat. Estonia posted one of the highest 3.8% y/y annual inflation rates in the reporting month, Lithuania's inflation rate was 2.8% in November. Average EU and eurozone annual inflation in the reporting month was 2.4% and 2.2%, respectively. Consumer prices increased by 1.6% y/y and declined by 0.1% m/m in November 2012, according to a report by Central Statistical Bureau, flat after October and down up 1.7% y/y seen in August and July and 1.8% y/y in September. Annual inflation rate is declining throughout 2012, going down from 3.6% in January to 3.3% in March to 1.6% in November. To compare, CPI amounted to 11.4% in 2008, 1.2% y/y deflation was posted in 2009 and 2.5% y/y in 2010, while in 2011 4% inflation was seen. To remind, the government was alarmed by the higher than expected inflation in the beginning of the year and adopted an inflation curbing package which would include cutting VAT by 1pps as of H1/12. Also, in September Latvia complied with Maastricht criteria for inflation adoption, with FinMin and the Bank of Latvia welcoming the compliance with the criteria and believing that inflation will stay in the compliance range until spring 2013. Latvia is planning to adopt euro in 2014.

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