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Latvia: Inflation falls in December

January 13, 2015

In December, consumer prices fell 0.7% over the previous month, which followed the 0.3% decrease registered in November. December’s drop stemmed from lower prices for clothing and footwear as well as for transport.

As a result of the monthly drop, annual inflation fell rapidly from 0.9% in November to 0.2% in December, which marked the lowest level in a year. In the same vein, annual HICP inflation—based on the harmonized index of consumer prices—declined from 0.9% in November to 0.3% in December, also marking the lowest level in a year. In the full year 2014, HICP inflation averaged 0.7%, which was up the flat reading recorded in 2013.

The Central Bank expects HICP inflation to average 1.4% in 2015. FocusEconomics Consensus Forecast panelists expect HICP inflation to average 1.8% in 2015, which is unchanged from last month’s projection. For 2016, the panel expects inflation to average 2.2%.


Author:, Senior Economist

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Latvia Inflation Chart


Latvia Inflation December 2014

Note: Month-on-month changes and annual variation of consumer price index (CPI) in %.
Source: Central Statistics Bureau.


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