RIGA -- Latvia's Central Statistics Office has released inflation figures for December 2007.
The country managed to avoid the 15% figure that many economists had been speculating about earlier in the year, but by less than one percentage point. The figure of 14.1% was up from 13.7% year-on-year in November. Annual average inflation across the whole Jan-Dec period was 10%.
According to a Danske Bank anaylsis released soon after the figures were announced, Latvia still has some way to go before inflation reaches its peak.
"The price growth of food products, housing and transport services had the greatest impact on the consumer price increase in 2007. Due to the rise in excise taxes, tobacco products prices jumped considerably as well... we expect another hike in prices at the beginning of 2008, mainly due to energy," Danske said.
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