LV: Latvian inflation of 4.8% y/y 4th highest in EU in May-Eurostat.

By bne IntelliNews June 17, 2011
According to the report by European Statistical Agency Eurostat, Latvia posted annual inflation of 4.8% in May 2011, which was the fourth highest inflation rate among EU member states. Latvia followed Romania (8.5%), Estonia (5.5%) and Lithuania (5%), while average EU annual inflation in the reporting month was 3.2%. Consumer prices increased by 5% y/y in May, according to a report by Central Statistical Bureau (as compared to 4% inflation seen in January and 4.5% in April). Main inflationary pressures in May came, again, from food and beverages (11.1% y/y inflation), transport including fuel (7.4%) and housing and utilities (7.6%). Prices of goods increased by 6.7% y/y, while services posted inflation of 0.4% y/y (after three consecutive months that deflation in services was seen). In May consumer prices went up by 0.4% m/m (1.1% m/m in April), while moving average 12 months inflation was 2.1%. To remind, central bank upped its inflation forecast for 2011 to 2.4%. CPI amounted to 11.4% in 2008, while 1.2% y/y deflation was posted in 2009.

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