Inflation Latvia 2024
Average inflation: 1.3%
Current Inflation
Inflation is low at 1.3%, below the ECB target of 2%.
Peak and Trough
The highest inflation was in December at 3.3%. The lowest inflation was in May at 0.1%.
- Highest month
- December: 3.3%
- Lowest month
- May: 0.1%
- Difference
- 3.2 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Alcoholic beverages, tobacco and narcotics with an average of 6.7%. The lowest price increase was in Housing, water, electricity, gas and other fuels with an average of -6.9%.
- Highest increase
- Alcoholic beverages, tobacco and narcotics: 6.7%
- Lowest increase
- Housing, water, electricity, gas and other fuels: -6.9%
Historical Context
Current inflation is 5.0% lower than the 5-year average of 6.3%.
- 5-year average
- 6.3%
- 10-year average
- 4%
- All-time high (2022)
- 17.2%
- All-time low (2010)
- -1.1%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +8.1 percentage point.
- Change vs. previous year
- -8.1 percentage points
- Largest monthly swing
- January: -20.6 percentage points
ECB Target
Inflation is 0.7% below the ECB target of 2.0%. Too low inflation may indicate economic weakness.
Purchasing Power
At this inflation rate, purchasing power gradually decreases. The impact on daily expenses is relatively limited.
What you could buy for €100 this year will cost approximately €101.30 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 0.9% | -20.6 |
| February | 0.4% | -19.9 |
| March | 0.9% | -16.4 |
| April | 1.1% | -14.0 |
| May | 0.1% | -12.0 |
| June | 1.4% | -6.5 |
| July | 0.7% | -5.7 |
| August | 0.7% | -4.7 |
| September | 1.4% | -1.9 |
| October | 2.0% | -0.1 |
| November | 2.2% | +1.2 |
| December | 3.3% | +2.7 |
| Average | 1.3% |
Data source
Data from OECD. Last updated: 11/01/2026.