The result improves on his previous best of tenth, which he recorded earlier in the season in Whistler, Canada.
The three-time Olympian commenced his week in Sigulda by qualifying for the World Cup event in the Nation's Cup by finishing in fifth place.
In the World Cup event, Ferlazzo had the 11th fastest time in the opening round in a time of 48.557 seconds, and then improved significantly in run two to have the sixth fastest time of the round, finishing in a time of 48.023 seconds.
His two run time was 1:36.580 seconds, giving him a final ranking of eighth, 0.930 seconds behind event winner Felix Loch of Germany.
A sprint World Cup also took place in Sigulda, with Ferlazzo finishing in 14th.
Ferlazzo commented after his performance in Sigulda.
“I am happy with my result today here is Sigulda. The circuit has never seen it built like this before, wide open transitions and glassy ice on the most technical demanding track made for some wild racing.
“Eighth is my best World Cup result and even managed a PB down time!
“Looking to knuckle down and make the most of these track conditions for the last race of the season!"
A second World Cup will take place next weekend in Sigulda, the final event of the FIL World Cup season.