Annual inflation in Latvia drops below 1%

Data published on February 9 by the Central Statistical Bureau show that in January 2024, compared to January 2023, the average level of consumer prices increased by 0.9 %.

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Compared to January 2023, in January 2024 the average level of consumer prices was mainly influenced by the rise in prices of food and non-alcoholic beverages (0.8 percentage points), alcoholic beverages and tobacco products (0.5 percentage points), health care (0.4 percentage points), as well as drop in prices of goods and services related to housing (1.4 percentage points).

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Compared to December 2023, in January 2024 the average level of consumer prices increased by 0.8 %. Rise in prices of goods and services related to housing (0.4 percentage points), prices of food and non-alcoholic beverages (0.4 percentage points) as well as drop in prices of clothing and footwear (0.3 percentage points) contributed the most to the price level changes.

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Compared to 2015, in January 2024 consumer prices were 43.3 % higher. Prices of goods increased by 43.8 % and prices of services by 39.8 %.

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