Real inflation in Lithuania reaches 6.0% in first five months of 2008 versus 5.8% officially published. Official data is adjusted by new weights structure introduced in the end of 2007, where food loses some contribution. If we use 1996 initial consumer products percentage contribution to total inflation, YTD CPI level reaches 7.1%, which is 1.3% higher than we are spoke by the department of statistics. This holds if official contributors inflation is taken.
To make matters worse, after conducting a small research on food prices I found another less pleasant number. Real current inflation in Lithuania piked by extra 0.6% during five months of 2008. In total, real inflation in Lithuania gets to 6.6%-7.7% level, depending on one of the several methodologies used by the department of statistics. Somewhat more than 5.8%.
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From today you will be assigned a criminal status in Lithuania, if you demonstrate the symbols of former Soviet Union, or cite the lyrics of the Soviet anthem. This is to bite Russia. Irrationally. Probably this is a respond to Russian ban on imported Lithuanian cheese products. But instead of finding a jointly beneficial solution, they lift guns. All this is another example demonstrating that here economics is a thing which is discussed equally much as reproduction of wheels or Renaissance influence on Italian international relationships in 16th century.
There are still some people in our government who would spit in any face to raise their rating before 2008 parliament elections of Lithuania. And this post is mostly addressed back to them, reminding some facts of the history, which are too miserable to mention compared to success of few carriers.
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Today is the first time since September 26, 2007, when Latvian currency returned to its unpleasantly low position against Euro. However, if in autumn momentum was rising, this time it is the sharpest one day price drop of Lat against EU currency. In one day LVL depreciated more than 0.5%. Is it only a mystery happening each Friday the 13th or financial markets started to doubt in Lat?
Technically 0.7060 level is important for Lat, as it is a second 1-year lowest LVL-EUR rate. If it is broken, we should expect further depreciation until another important limit to test – 0.7074, which is 0.2% higher than Friday’s closing price. This point was reached when Latvia was flooded with SMS’s containing rumors about Lat devaluation. On short term-graph, resistance line is broken, and probably does not already play any significant role. Technically, the question is whether another 0.7060 is a strong resistance level. Economically, not necessarily.
Monday’s, opening price shall judge this interesting case.
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adamkus |
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britney spears |
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airija |
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infliacija |
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laime |
This is how Google perceives Lithuanians, or at least some parts of global network located in my country. Just to be on a save side, the keywords chosen by far do not represent the nature of the citizens of Lithuania, but those on a graph made me grin a little. Further analysis is left for your imagination.
Adamkus – is the president of the Republic of Lithuania
Airija – Ireland in Lithuanian language, currently one of the most appealing emigration places of our citizens
Infliacija – is inflation, a thing that a few still are thinking about here
Laime – happiness, something that we all need, but do not seek it, at least in Google.
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