Inflation Latvia 2022
Average inflation: 17.2%
Inflation in 2022
Inflation is very high at 17.2%, far above the ECB target.
Peak and Trough
The highest inflation was in September at 22.2%. The lowest inflation was in January at 7.4%.
- Highest month
- September: 22.2%
- Lowest month
- January: 7.4%
- Difference
- 14.8 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Housing, water, electricity, gas and other fuels with an average of 34.6%. The lowest price increase was in Education with an average of 1.9%.
- Highest increase
- Housing, water, electricity, gas and other fuels: 34.6%
- Lowest increase
- Education: 1.9%
Historical Context
Inflation is 12.0 percentage points higher than the 5-year average of 5.2%. This approaches the highest level since records began (17.2% in 2022).
- 5-year average
- 5.2%
- 10-year average
- 3%
- All-time high (2022)
- 17.2%
- All-time low (2010)
- -1.1%
Trend
Over the period 2020-2022, inflation shows an upward trend. Compared to 2021, inflation has risen by 13.9 percentage points.
- Change vs. previous year
- +13.9 percentage points
- Largest monthly swing
- July: +18.7 percentage points
ECB Target
Inflation is 15.2 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 €117.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 7.4% | +7.9 |
| February | 8.7% | +8.9 |
| March | 11.5% | +11.2 |
| April | 13.0% | +11.3 |
| May | 16.9% | +14.3 |
| June | 19.3% | +16.6 |
| July | 21.5% | +18.7 |
| August | 21.5% | +17.8 |
| September | 22.2% | +17.4 |
| October | 21.8% | +15.8 |
| November | 21.8% | +14.3 |
| December | 20.8% | +12.9 |
| Average | 17.2% |
Data source
Data from OECD. Last updated: 13/01/2026.