Estonia: Consumer prices record fifth consecutive annual drop in October
December 5, 2014
Consumer prices in November fell 0.8% over the previous month, which was well below the flat reading observed in October and marked the lowest reading on record. According to Statistics Estonia, the result reflects lower prices in several categories, including a substantial drop in the price for transport amid declining fuel costs.
Consumer prices recorded a 0.6% year-on-year decrease in November, which was down from the 0.2% decline tallied in October. Moreover, the result marked the sixth consecutive annual decline. Meanwhile, annual HICP—based on the harmonized index of consumer prices—increased from 0.2% in September to 0.5% in October (the last month for which data are available). Annual average HICP inflation fell from 1.0% in September to 0.8% in October.
Author: Carl Kelly, Economist