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The European Central Bank’s target for inflation is 2%. Currently, May 2024, Eurozone inflation is 2.6% so a bit above target while inflation in Latvia for May 2024 had dropped to 0.1% when compared to May 2023.
But it has certainly been a bumpy ride since inflation took off and since the time it first broke the 2% barrier in Latvia before rising above 20% was May 2021, we might take stock of what has happened altogether to various prices in that three-year period, May 2021 – May 2024.
The Official Statistics Portal of Latvia provides data each month for the price developments of all goods and services, for goods and for services separately, for 12 main groups of goods and services (see Table 1) and for a long list of sub-groups (yes, you can have the price developments of pizza and quiche products, in case you are interested – just look for item 01.1.1.5), amounting to altogether 300 price developments each month.
