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Latvia Inflation May 2024

Latvia: Harmonized inflation declines to lowest level since February 2021 in May

Harmonized inflation flatlined in May, following April’s 1.1%. May’s result represented the lowest inflation rate since February 2021. Looking at the details of the release, housing and utilities prices fell at a quicker pace in May compared to the previous month, and prices for recreation grew at a more subdued pace. Meanwhile, price pressures for transportation picked up pace.

Accordingly, the trend pointed down, with annual average harmonized inflation coming in at 2.6% in May (April: 3.6%). Meanwhile, consumer price inflation fell to 0.1% in May from the previous month’s 1.1%.

Finally, harmonized consumer prices rose 0.39% in May over the previous month, coming in below the 0.53% increase logged in April. May’s result marked the weakest reading since February.

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