Latest reading: Inflation ticked up to 2.4% in July, following June’s 2.3%. Looking at the details of the release, prices...
Inflation in Latvia
Harmonized consumer price inflation averaged 3.7% in the ten years to 2024. The 2024 average figure was 1.3%. For more inflation information, visit our dedicated page.
Latvia Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Latvia from 2024 to 2023.
Source: Macrobond.
Latvia Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 0.1 | 3.2 | 17.2 | 9.1 | 1.3 |
| Inflation (CPI, ann. var. %, eop) | -0.5 | 7.8 | 20.9 | 0.6 | 3.2 |
| Inflation (HICP, ann. var. %, eop) | -0.5 | 7.9 | 20.7 | 0.9 | 3.4 |
| Inflation (PPI, ann. var. %, aop) | -1.9 | 13.1 | 30.7 | 1.1 | -3.8 |
Harmonized inflation holds stable in July
Latest reading: Harmonized inflation was stable at June's 3.9% in July. Looking at the details of the release, prices for food, recreation and hospitality rose at a quicker pace in July, and prices for transportation fell at a slower rate. On the flipside, price pressures for housing and utilities ticked down from the prior month. The trend pointed up, with annual average harmonized inflation coming in at 3.0% in July (June: 2.7%). Meanwhile, consumer price inflation was unchanged, coming in at June's 3.8% in July. Lastly, harmonized consumer prices increased 0.09% from the previous month in July, a smaller increase than June's 0.22% rise.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Latvian inflation projections for the next ten years from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Latvian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Latvian inflation projections.
Want to get access to the full dataset of Latvian inflation forecasts? Send an email to info@focus-economics.com.
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