Annual consumer price growth accelerated to 1.7% in December. Higher prices of food products (dairy products, meat), alcoholic drinks (beer), fuels, tobacco products as well as restaurant services contributed the most to annual inflation.
© DELFI / Karolina Pansevič

In monthly terms the consumer price index increased by 0.4%, while average annual inflation accelerated to 0.9%. Prices of goods increased by 1.5% in December – that was the highest growth rate since the beginning of 2013. After a temporary setback in November annual growth in the prices of services picked up again, Swedbank reported.

Outlook: faster price growth next year

Rising prices of commodities and increasing labour costs will push annual inflation higher this year. We expect that average annual inflation will reach 3.0% this year and will decelerate to 2.5% in 2018.

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