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Bank of Latvia Lowers Deflation Forecast for 2010
Riga, 15 July 2010. By the Latvian Institute.
On July 15, the Bank of Latvia has lowered the deflation forecast for 2010 and expects average deflation at 1.6% this year, Governor or the Bank of Latva Ilmārs Rimšēvics, told at the press conference. He said that the annual deflation that began in October 2009 continued due to domestic demand still remaining weak.
Rimšēvics explained: “Deflation has slowed down but mostly due to external factors. Prices for energy resources grew much steeper than anticipated and were influenced, among other things, also by taxes which would prevent the return and steep growth of inflation.”
He forecast that rising prices for energy resources and the related growth of costs would mean a slower reduction of the overall price level. As a result deflation for all of 2010 is likely be at 1.6%: “The base inflation will stay in the negative range for a long time because the domestic demand is weak and lending grows very slowly”. Previously the Bank of Latvia expected a 3.64% deflation.
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