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Lithuanian consumer price growth hits 4-year high in Jan.

Xinhua, February 14, 2017 Adjust font size:

Annual growth of consumer prices in Lithuania reached 2.3 percent last month, official data revealed on Tuesday.

Consumer prices increased by 0.3 percent last month compared to the previous month, according to data released by Statistics Lithuania.

Growth in consumer prices was mostly influenced by increase in food and alcohol prices as well as growing prices of services in hotels and restaurants.

Economists from Swedbank in Lithuania said annual growth in consumer prices has hit the highest level in four years.

"A big seasonal drop in price of clothes and footwear didn't help much," Swedbank economists said in a note.

Swedbank expects price growth to continue in Lithuania due to increase in tobacco and alcohol excise duties as well as recovering oil prices. Rapid growth of wages is also to blame for rising prices.

In December, annual growth of consumer prices in Lithuania stood at 1.7 percent. Endit