Estonia Inflation May 2016


Decline in consumer prices intensifies in May

Consumer prices in May rose 0.1% over the previous month, according to the data released by Statistics Estonia (SE). The result was slightly higher than the flat reading recorded in April. The increase in consumer prices was mainly driven by higher prices for hotels and restaurants.

Annual consumer prices dropped 0.9%, marking a decrease compared to April’s 0.7% fall and representing the lowest reading since January 2015. HICP inflation was zero in May, the same reading recorded in April. Meanwhile, average HICP inflation came in at 0.1% in May, which marked a slight decrease compared to April’s 0.2%.

The Central Bank expects harmonized inflation to average 1.5% in 2016 and 3.1% in 2017. FocusEconomics Consensus Forecast panelists forecast harmonized inflation to average 0.8% in 2016, which is down 0.1 percentage points from last month’s forecast. In 2017, the panel expects average inflation to accelerate to 2.1%.

Author:, Economist

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Estonia Inflation Chart

Estonia Inflation May 2016

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Estonia

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