Latvia Inflation


Latvia: Inflation falls notably in July

August 10, 2015

Latvia’s consumer prices dropped 0.9% over the previous month, which came in well below the 0.3% decline registered in June. The decrease was mainly the result of a drastic decline in prices for clothing and footwear (-7.9% month-on-month) and a fall in prices for food and housing.

Inflation registered a sharp decline for a second consecutive month. After falling from 1.1% in May—a 30-month high—to 0.6% in June, inflation declined to a flat reading in July, which marked a five-month low.

Harmonized consumer prices decreased 1.1% month-on-month in July (June: -0.1% mom) and fell 0.2% over the same month last year (June: +0.7% year-on-year). Annual average HICP inflation inched down from 0.6% in June to 0.5% in July.

The Central Bank sees HICP inflation averaging 0.7% in 2015 and 2.0% in 2016. FocusEconomics Consensus Forecast panelists expect HICP inflation to average 0.6% in 2015, which is unchanged from last month’s projection. For 2016, the panel expects inflation to average 1.9%.

Author:, Senior Economist

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Latvia Inflation Chart

Latvia Inflation July 2015

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

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