Latvia’s inflation hits 12-year high of 17.5 percent

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Latvia’s inflation hits 12-year high of 17.5 percent

May 14, 2008
By TBT staff

KILOWATT BLUES: The April 1 increase in electricity prices, which averaged 40 percent for the month, destroyed any hope for a respite in Latvia’s inflationary woes.

RIGA - A year ago, few could have suspected that Latvia’s consumer price index, which was sailing along at a crisp 8 – 9 percent zone, would suddenly depart on a cosmic trajectory and reach highs not seen in over a decade. Yet the unthinkable happened. Annual inflation in the Baltics’ most troubled economy reached 17.5 percent in April, fueled by a new set of higher electricity tariffs that in turn propelled housing costs, which for the month increased a staggering 6.5 percent. It was the 11th ...

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