LV: Latvian inflation of 3.4% y/y 6th highest in EU in January-Eurostat.

By bne IntelliNews March 1, 2012
Latvia posted annual inflation of 3.4% in January 2011, which was the sixth highest inflation rate among EU member states, according to the report by European Statistical Agency Eurostat. Latvia followed Hungary (5.6%), Estonia (4.7%), Poland and Slovakia (4.1% each), Czech Republic (3.8%) and UK (3.6%), and was followed by Lithuania (3.4%). Average EU and eurozone annual inflation in the reporting month was 2.9% and 2.6%, respectively. Latvia's EconMin believes that inflation this year is going to amount to 2.3%-2.5%. Ministry believes that few factors that drove the price growth in 2011, such as hike in consumption taxes, electricity tariffs and global food prices, are going to have a weaker influence in 2012. However, higher natural gas tariffs and heating tariffs are going to keep inflationary pressures up. In December 2011 FinMin announced upping the inflation forecast 2011 to 4.4% and to 2.4% for 2012 vs. previous 3.5% and 2%, respectively. IMF expected inflation last year at 4.2% vs. previously forecasted 3%, and moderating to 2.3% in 2012.

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