Lithuania's Prime Minister Saulius Skvernelis says that people are more sensitive about inflation than they should be, adding that the price hike would not be steep enough to outdo growing salaries.
Money
© AFP / Scanpix

"We will definitely not have (inflation of) 5 percent, from what we project, salaries in the private sector should grow by 10 percent and in the public sector by 6 percent this year. In light of the next year's budget, inflation will not eat it all," Skvernelis told Žinių Radijas news radio on Thursday morning.

The annual inflation stood at 4.8 percent in September, as compared year-on-year, while the average annual inflation was 3 percent (4.4 pct and 2.6 pct in August, respectively).

Lithuania's Finance Ministry projected in September that the average annual inflation for 2017 would be 3.5 percent in light of the faster increase in prices for services, which is 0.1 percentage points above the spring estimates.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

New trends in startup world: unicorns' aspiration is not key anymore

The question when the first unicorn with over 1 billion of US dollars in value will appear in the...

Shopping frenzy: biggest retail chains plans allocate millions of euros for new stores

Lithuania's five biggest retail chains – Maxima , Lidl , Rimi, Iki and Norfa – have...

Construction launched on EUR 15 mln hotel in Kaunas

Construction is being launched on a 15-million-euro Moxy hotel, part of the Marriott Group , in...

Revolut moves operation launch date in Lithuania (1)

The United Kingdom's fintech startup Revolut has moved the operation launch date of its specialized...

“Shazam” co-founder before his visit in Lithuania: it will be new experience



You need to fail and learn many lessons before you finally reach your success. This can be proved by...