Latvia has experienced a notable increase in its Consumer Price Index (CPI) as inflation rates continue to climb. According to the latest data updated on November 8, 2024, the CPI for October 2024 has reached 2.00%, marking a substantial rise from the previous month's rate of 1.40% recorded in September 2024. This marks a significant year-over-year change, illustrating the ongoing economic shifts within the Baltic nation.
This year-over-year comparison highlights the difference in inflation rates over the span of one year between October 2023 and October 2024, thereby demonstrating the dynamic economic environment that Latvia is navigating. The September indicator was notably lower, thus making the October increase more pronounced.
Such changes in the CPI are critical measures of inflation and can offer insights into purchasing power, cost of living adjustments, and economic stability. As Latvia continues to experience these inflationary pressures, both policymakers and businesses may need to consider measures to cushion potential financial impacts on households and further ensure economic resilience.
