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Latvia Inflation December 2023

Latvia: Harmonized inflation falls to over two-year low in December

Harmonized inflation inched down to 0.9% in December, following November’s 1.1%. December’s reading represented the weakest inflation rate since March 2021. The figure was primarily due to a slower increase in prices for food and non-alcoholic beverages. In addition, price pressures for housing and utilities decreased at a quicker rate. Moreover, prices for recreation grew at a more subdued pace.

Annual average harmonized inflation fell to 9.1% in December (November: 10.7%). Meanwhile, consumer price inflation fell to 0.6% in December, from the previous month’s 1.0%.

Finally, harmonized consumer prices fell 0.73% over the previous month in December, a sharper drop than the 0.08% drop seen in November. December’s result marked the weakest reading since June.

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