Estonia Inflation

Estonia

Estonia: Consumer prices record fifth consecutive annual drop in October

November 7, 2014

Consumer prices in October were flat over the previous month, which was up from the 0.2% fall observed in September. According to Statistics Estonia, the result reflects that higher prices for communications and alcoholic beverages and tobacco were offset by lower prices for hotels and restaurants as well as for housing.

Consumer prices recorded a 0.2% year-on-year decrease in October, which was up from the 0.6% decline tallied in September. However, the result marked the fifth consecutive drop. Meanwhile, annual harmonized prices—based on the harmonized index of consumer prices—swung from a 0.2% fall in August to a 0.2% rise in September (the last month for which data are available). Annual average HICP inflation fell from 1.2% in August to 1.0% in September.

The Central Bank expects HICP inflation of 1.3% in 2014 and of 2.4% in 2015. FocusEconomics Consensus Forecast panelists expect harmonized inflation to average 0.4% in 2014, which is down 0.4 percentage points from last month’s forecast. In 2015, the panel expects average inflation to accelerate to 1.7%.


Author:, Economist

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Estonia Inflation October 2014 0

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


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