Estonia Inflation


Estonia: Consumer prices record another drop in July

August 7, 2014

Consumer prices in July fell 0.2% over the previous month, which was down from the flat reading observed in June. According to Statistics Estonia, the decline was driven mainly by significantly lower prices for food and clothing due to the summer sales season.

Consumer prices recorded a 0.4% annual decrease in July, which matched the result tallied in June and marked the lowest rate since January 2010. Meanwhile, annual HICP inflation—based on the harmonized index of consumer prices—edged down from 0.6% in May to 0.4% in June (the last month for which data are available). Annual average HICP inflation fell from 2.1% in May to 1.8% in June.

The Central Bank expects HICP inflation of 2.3% in 2014 and of 3.0% in 2015. FocusEconomics Consensus Forecast panelists expect harmonized inflation to average 1.5% in 2014, which is down 0.3 percentage points from last month’s forecast. In 2015, the panel expects average inflation to accelerate to 2.3%.

Author:, Economist

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Estonia Inflation Chart

Estonia Inflation July 2014

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

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