Inflation Latvia 2004
Average inflation: 6.2%
Inflation in 2004
Inflation is very high at 6.2%, far above the ECB target.
Peak and Trough
The highest inflation was in August at 7.7%. The lowest inflation was in January at 3.9%.
- Highest month
- August: 7.7%
- Lowest month
- January: 3.9%
- Difference
- 3.8 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Health with an average of 14.1%. The lowest price increase was in Communication with an average of -0.8%.
- Highest increase
- Health: 14.1%
- Lowest increase
- Communication: -0.8%
Historical Context
Inflation is 3.0 percentage points higher than the 5-year average of 3.2%.
- 5-year average
- 3.2%
- 10-year average
- 7.5%
- All-time high (1992)
- 900.2%
- All-time low (2002)
- 1.9%
Trend
Over the period 2002-2004, inflation shows an upward trend. Compared to 2003, inflation has risen by 3.3 percentage points.
- Change vs. previous year
- +3.3 percentage points
- Largest monthly swing
- September: +4.5 percentage points
ECB Target
Inflation is 4.2 percentage points above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €106.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2004
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2003 |
|---|---|---|
| January | 3.9% | +2.5 |
| February | 4.3% | +2.2 |
| March | 4.8% | +2.6 |
| April | 5.1% | +2.6 |
| May | 6.2% | +3.7 |
| June | 6.1% | +2.4 |
| July | 6.7% | +2.9 |
| August | 7.7% | +4.2 |
| September | 7.7% | +4.5 |
| October | 7.2% | +3.9 |
| November | 7.2% | +3.6 |
| December | 7.3% | +3.7 |
| Average | 6.2% |
Data source
Data from OECD. Last updated: 13/01/2026.