Latest reading: Consumer prices were flat year on year in June, contrasting May’s 0.1% year-on-year decline and market expectations for...
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 decreases in May
Latest reading: Harmonized inflation edged down to 3.7% in May, from April’s 4.0%, largely due to the sharpest fall in transport costs in seven months which outweighed stronger price growth for food plus housing and utilities. The trend pointed up, with annual average harmonized inflation coming in at 2.5% in May (April: 2.2%). Meanwhile, consumer price inflation fell to 3.6% in May from the previous month's 3.9%. Finally, harmonized consumer prices increased 0.05% in May over the previous month, a smaller increase than April's 1.09% increase. May's result marked the weakest reading since August 2024.
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 13 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.
Latest Global Inflation News
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Switzerland: Consumer prices are unchanged in June -
Peru: Inflation remains muted in June Latest reading: Inflation came in at 1.7% in June, matching May’s result and in line with the Central Bank’s 1.0–3.0%... -
Kazakhstan: Inflation increases to a near two-year high in June Latest reading: Inflation rose to 11.8% in June, above May’s 11.3%, marking the highest inflation rate since August 2023, and... -
Kenya: Inflation flatlines below midpoint of the target range in June Latest reading: Inflation was stable at May’s 3.8% in June, remaining below the midpoint of the Central Bank’s 2.5–7.5% target... -
Australia: Inflation nears target floor in May Latest reading: Inflation dropped to 2.1% in May after having stood at 2.4% for a third consecutive month in April.... -
Hong Kong: Inflation moderates in May Latest reading: Inflation fell to 1.9% in May from April’s 2.0%, due to weaker price pressures for food, transport and... -
Canada: Inflation remains on target in May Latest reading: Inflation came in at 1.7% in May, matching April’s reading and market expectations, and comfortably within the Central...