Estonia: Annual consumer prices drop at the sharpest rate in over 10 years in May
June 8, 2020
Consumer prices fell 0.67% from the previous month in May, following April's softer 0.4% drop. The result was largely driven by stagnant prices for food and non-alcoholic beverages, and contracting prices for transport.
Consumer prices fell 1.7% on an annual basis in May, following the 0.8% decrease in April and marking the sharpest decrease since December 2009 . Meanwhile, the trend pointed down, with annual average inflation coming in at 1.3% in May (April: 1.7%). Lastly, harmonized consumer prices plunged 1.8% on an annual basis in May, after falling 0.9% in April.
Author: Almanas Stanapedis, Economist