Latest reading: Inflation ticked up to 2.4% in May from April’s 2.3%. The reading was slightly above the Fed’s 2.0%...
Inflation in Latvia
In the year 2024, the inflation in Latvia was 1.35%, compared to 0.69% in 2014 and 9.06% in 2023. It averaged 3.65% over the last decade. For more inflation information, visit our dedicated page.
Latvia Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Latvia from 2015 to 2023.
Source: Macrobond.
Latvia Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 2.7 | 0.1 | 3.2 | 17.2 | 9.1 |
| Inflation (CPI, ann. var. %, eop) | 2.3 | -0.5 | 7.8 | 20.9 | 0.6 |
| Inflation (HICP, ann. var. %, eop) | 2.1 | -0.5 | 7.9 | 20.7 | 0.9 |
| Inflation (PPI, ann. var. %, aop) | 1.9 | -1.9 | 13.1 | 30.7 | 1.1 |
Harmonized inflation rises to over one-year high in April
Latest reading: Harmonized inflation came in at 4.0% in April, up from March’s 3.5%. April's result was the highest inflation rate since August 2023. The pick-up was broad-based, with greater price pressures recorded for food and non-alcoholic beverages, housing and utilities, and recreation. Additionally, transport costs fell at a softer pace than in March. The trend pointed up mildly, with annual average harmonized inflation coming in at 2.2% in April (March: 2.0%). Meanwhile, consumer price inflation rose to 3.9% in April from the previous month's 3.4%. Lastly, harmonized consumer prices increased 1.09% in April over the previous month, accelerating from March's 0.90% rise. April's result marked the sharpest increase in prices since March 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 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.
Latest Global Inflation News
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United States: Inflation rises in May but undershoots expectations -
Taiwan: Inflation declines to lowest level since March 2021 in May Latest reading: Inflation eased to 1.5% in May, below April’s 2.0%. May’s figure marked the weakest inflation rate since March... -
Thailand: Consumer prices drop further in May Latest reading: Consumer prices decreased 0.6% year on year in May, following April’s 0.2% fall. May’s reading represented the largest... -
Dominican Republic: Inflation increases to over one-year high in May Latest reading: Inflation rose to 3.8% in May from April’s 3.7%. May’s figure represented the highest inflation rate since November... -
Philippines: Inflation inches down in May Latest reading: Inflation came in at 1.3% in May, which was down from April’s 1.4%. May’s result represented the weakest... -
Mexico: Inflation comes in at highest level since November 2024 in May Latest reading: Inflation came in at 4.4% in May, up from April’s 3.9%. May’s result represented the highest inflation rate... -
Switzerland: Consumer prices record first annual decline since March 2021 in May Latest reading: Consumer prices fell 0.1% year-on-year in May, swinging from April’s flat reading. May’s result represented the first such...