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Latvian inflation hit another 10-year high in August

Annual inflation in Latvia jumped to 10.1% in August, the highest figure in the last 10 years, the Latvian Statistics Bureau announced on Monday.

The figure is the highest seen in Latvia since the financial crisis at the beginning of 1997, Oskars Alksnis of the bureau’s consumer price department told Deutsche Presse-Agentur dpa. Annual inflation in July was at 9.5%. Inflation was mainly driven by price rises in tobacco, heat energy and services related to housing. There was a drop in prices for clothing, the bureau said in a press release. Services related to maintenance of housing and heat energy became more expensive.

The news comes five months after the government announced a broad- based plan to curb inflation by gently reining in its own spending and encouraging the public to save more and spend less, especially in the overheated property market. (m&c.com)