Estonia Inflation October 2021


Estonia: Inflation comes in at highest level since November 2008 in October

November 5, 2021

Consumer prices fell 0.15% in October over the previous month, contrasting September's 1.22% increase. October's result marked the sharpest fall in prices since March. Looking at the details of the release, prices for food and non-alcoholic beverages fell at a sharper rate in October, while prices for housing and utilities slumped in the month. Contrastingly, prices for transportation increased at a faster pace.

Inflation increased to 7.0% in October from September’s 6.6%. October's reading represented the highest inflation rate since November 2008. Annual average inflation rose to 2.7% in October (September: 2.0%). Finally, harmonized inflation rose to 7.4% in October, from the previous month's 6.4%.

FocusEconomics panelists see harmonized inflation averaging 3.1% in 2022, which is up 0.4 percentage points from the previous month’s forecast, and 2.2% in 2023.


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Estonia Inflation Chart

Estonia Inflation October 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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