Inflation Latvia 2023
Average inflation: 9.4%
Current Inflation
Inflation is very high at 9.4%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 21.5%. The lowest inflation was in December at 0.6%.
- Highest month
- January: 21.5%
- Lowest month
- December: 0.6%
- Difference
- 20.9 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 15.3%. The lowest price increase was in Transport with an average of -2.0%.
- Highest increase
- Housing, water, electricity, gas and other fuels: 15.3%
- Lowest increase
- Transport: -2.0%
Historical Context
Current inflation is 2.8% higher than the 5-year average of 6.6%.
- 5-year average
- 6.6%
- 10-year average
- 3.9%
- All-time high (2022)
- 17.2%
- All-time low (2010)
- -1.1%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -7.8 percentage point.
- Change vs. previous year
- -7.8 percentage points
- Largest monthly swing
- November: -20.8 percentage points
ECB Target
Inflation is 7.4% 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 €109.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 21.5% | +14.1 |
| February | 20.3% | +11.6 |
| March | 17.3% | +5.8 |
| April | 15.1% | +2.1 |
| May | 12.1% | -4.8 |
| June | 7.9% | -11.4 |
| July | 6.4% | -15.1 |
| August | 5.4% | -16.1 |
| September | 3.3% | -18.9 |
| October | 2.1% | -19.7 |
| November | 1.0% | -20.8 |
| December | 0.6% | -20.2 |
| Average | 9.4% |
Data source
Data from OECD. Last updated: 11/01/2026.