Latvian 12-month inflation rises to 10.1 percent August

Sep 10, 2007 - Consumer prices grew by 0.4 percent in new European Union member Latvia in August compared to July, putting 12-month inflation at 10.1 percent, the national department of statistics said.

Average 12-month inflation, which is one of the key indicators for countries wishing to join the eurozone, was 7.8 percent in August.

Latvia is having difficulty keeping inflation under control in the face of spiralling economic growth as it catches up with older members of the European Union, which it joined in 2004.

The Latvian economy grew by 11.9 percent last year, the fastest rate since independence from the Soviet Union in 1991 and the strongest growth rate in the then 25-member EU.