Estonia Inflation July 2020

Estonia

Estonia: Consumer prices continue to fall on an annual basis in July

August 7, 2020

Consumer prices were unchanged in July over the previous month, below the 0.91% rise recorded in June. The result was primarily due to a sharp fall in housing prices.

Consumer prices decreased 0.9% year-on-year in July, a more moderate drop compared to June’s 1.0% decrease. Lower fuel, electricity and rent prices put downward pressure on prices. Annual average inflation fell to 0.8% in July (June: 1.1%). Lastly, harmonized prices fell 1.3% on an annual basis in July, which was a more moderate fall than June's 1.6% decrease.

FocusEconomics panelists project harmonized inflation to average 0.5% in 2020, which is down 0.1 percentage points from last month’s forecast. For 2021, they expect inflation to also average 1.8%.


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Estonia Inflation July 20 20

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


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