Estonia Inflation May 2020


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.

FocusEconomics panelists project harmonized inflation to average 0.6% in 2020, which is down 0.2 percentage points from last month’s forecast. For 2021, they expect inflation to also average 1.7%.

Author:, Research Team Manager

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Estonia Inflation Chart

Estonia Inflation May 20 20 2

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

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