Estonia Inflation September 2021


Estonia: Inflation comes in at highest level since December 2008 in September amid higher electricity prices

October 7, 2021

Consumer prices rose 1.22% in September over the previous month, picking up from August's 0.72% rise. September's figure was the highest reading since April 2019. The result was solely driven by soaring housing services prices, namely electricity amid higher fuel prices. Meanwhile, price pressures in other main groups such as transportation and alcoholic beverages actually eased, while food prices slumped into decline.

Inflation rose to 6.6% in September, above August’s 5.0%. September's figure was the highest inflation rate since December 2008, due to a spike in prices for electricity. Meanwhile, the trend pointed up, with annual average inflation coming in at 2.0% in September (August: 1.4%). Finally, harmonized inflation rose to 6.4% in September, from August’s 5.0%.

FocusEconomics panelists see harmonized inflation averaging 2.8% in 2021, and 2.7% in 2022, which is up 0.2 percentage pointsup 0.6 percentage points from last month’s estimate.


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Estonia Inflation Chart

Estonia Inflation September 2021 0

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

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