Economists from the banking sector have indicated that cold weather and the increase in electricity costs are projected to influence Latvia's inflation in the coming months. However, this impact is expected to be temporary. As per data from the Central Statistical Bureau, consumer prices remained stable in Latvia from December to January, but there was a 2.9% increase year-on-year. This figure represents a decrease from a 3.5% inflation rate recorded the previous month.

Dainis Gašpuitis, chief economist at SEB Bank, highlighted that significant factors influencing price changes included decreases in transport costs, clothing, and footwear. At the same time, housing costs have risen. The slowdown in inflation observed in January suggests a significant shift in the ongoing inflation trends, potentially stabilizing the economic environment despite external pressures.

The harsh winter conditions are anticipated to raise energy prices, which could slightly increase inflation due to ongoing global cold weather. However, Gašpuitis believes that this will likely be a short-lived effect, as downward trends in agricultural raw materials and producer prices forecast a slowdown in food prices, contributing to a more stable inflation scenario in the future.