Compared with the same month of last year, Latvia had the fourth highest inflation index among EU member states in this year’s May, according to data from Eurostat.
Last month, consumer prices in Latvia were 2.7% higher when compared with May last year. Inflation was only higher in Estonia (+3.5%), Lithuania (+3.2%) and the UK (+2.9%).
Inflation in May was registered in 27 EU member states. In Ireland, consumer prices remained on the same level as last year. The lowest inflation levels in May were registered in Romania (+0.5%), Denmark and the Netherlands (+0.7% in both), as well as France, Cyprus and Finland (+0.9% in all three).
Inflation in the EU was 1.6% in May when compared with April. Consumer prices in Eurozone grew by 1.4% (1.9% in April). In May 2016, consumer prices in the EU and Eurozone declined by 0.1%.
When compared with April, consumer prices in May remained stable in the EU. In Eurozone, on the other hand, deflation of 0.1% was registered.
In Latvia – similar to Czech Republic, Romania and Hungary – consumer prices grew by 0.2%. In Estonia – similar to the UK and Slovakia – inflation was 0.3%. Inflation was higher only in Slovenia (+0.7%) and Malta (1%). In Cyprus, consumer prices grew by 0.1% in May.
In general, inflation was noted in ten EU member states in May. Consumer prices in Spain, France and Sweden remained on April’s level. Remaining 15 EU member states experienced monthly deflation. The highest consumer price decline in May was noted in the Netherlands (-0.4%), Belgium and Portugal (-0.3%), as well as Lithuania, Bulgaria, Greece, Ireland, Finland and Germany (-0.2%). (BNN/Business World Magazine)
