Alexa
  • Directory of Taiwan

Latvia's annual inflation climbs 12th straight month to reach 17.9 pct

Latvia's annual inflation climbs 12th straight month to reach 17.9 pct

Latvia's inflationary spiral continued in May, with the consumer price index rising at an annual rate of 17.9 percent, the country's statistics office announced Monday.
It was the 12th consecutive month that the annual rate increased in Latvia, which has the highest inflation in the 27-member European Union.
Monthly inflation was 0.9 percent on higher fuel and vegetable prices, Statistics Latvia said, while, compared with May 2007, food prices have soared 21 percent and housing costs nearly 33 percent.
Though inflation is partly due to global trends, Latvia's gross domestic product grew by double digits over the last three years as consumers reaped the benefits of EU accession and cheap, accessible loans.
However, a government-triggered credit squeeze and rampant inflation are putting the brakes on growth. In the first quarter of this year, GDP grew 3.6 percent, down from 9.6 percent in the previous quarter.
Baltic neighbors Estonia and Lithuania, where growth has also been robust, are undergoing similar economic trends.
On Monday, Estonia's statistics agency revised the first quarter GDP result downward to 0.1 percent in what it referred to as a "steep deceleration" of growth.
The announcement suggests that Estonia, which boasts the Baltics' most developed economy, may see negative growth in the near term.
___
On the Net:
http://www.csb.gov.lv
http://www.stat.ee/statistics


Updated : 2021-06-20 05:24 GMT+08:00