0.3 percent annual deflation recorded in Lithuania

In 2014, consumer goods got cheaper by 1.1 percent, while prices of services grew by 2.4 percent. Annual deflation in December is a rather rare phenomenon. Since 1991, Lithuania has seen annual deflation only two times: in 2002 (1 percent) and in 2003 (1.3 percent).

Average annual inflation calculated in terms of harmonized index of consumer prices (HICP) amounted to 0.2 percent and was by 1 percentage point lower than in 2013 and by 0.4 percentage point smaller than in the European Union.

Provisional data shows that the EU saw average annual inflation of 0.6 percent which was by 0.9 percent point smaller than that of 2013. A total of 16 member-states observed bigger average annual inflation than in Lithuania.