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Lithuania's year-end inflation to be lower than in 2011

Finansai
Tomo Urbelionio/BFL nuotr. / .
Šaltinis: BNS
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Lithuania's average annual inflation rate at the end of this year should be 3.1 percent, down from 4.1 percent a year earlier, says Rūta Medaiškytė, chief economist at Finasta.

"Even though fuel prices in Lithuania reached previously unseen levels this year, inflation, just like economic growth, was lower. GDP growth is expected to remain moderate next year and average annual inflation may ease to 2.3 percent," she said in a press release.

Certain trends related to seasonal factors were observed in November: vegetable prices began to rise with the start of winter. Prices in the transport group posted the sharpest monthly drop, at 1.3 percent, Medaiškytė said.

"Prices at the pump are somewhat more pleasant to the eye than in late summer. Overall, current global trends are less favorable to fuel prices as an inflationary factor: oil prices in the markets are lower today compared with the same period a year ago and (crude oil) inventories in the world's largest economy, the US, stay at a high level," she said.

The main factor pushing inflation up in November was a 0.4-percent increase in food prices. Clothing prices fell by 0.5 percent over the month and are expected to go down at an even higher rate due to seasonal sales that will start after the Christmas holidays, the analyst said.

Lithuania's consumer prices edged down by 0.2 percent in November from October. The 12-month inflation rate in November reached 2.8 percent and the average annual inflation rate was 3.1 percent, Statistics Lithuania reported.

BNS
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