Estonia Inflation


Estonia: Consumer prices record fourth consecutive annual drop in September

October 7, 2014

Consumer prices in September fell 0.2% over the previous month, which followed the 0.3% fall observed in August. According to Statistics Estonia, the decline was driven by a steep drop in prices for education following the implementation of a higher education reform that guarantees free tuition for first and second year students taking university courses in Estonia.

Consumer prices recorded a 0.6% year-on-year decrease in September, which followed the 0.7% decline tallied in August. The result marked the fourth consecutive drop. Meanwhile, annual harmonized prices—based on the harmonized index of consumer prices—decreased from a flat reading in July to a 0.2% fall in August (the last month for which data are available). Annual average HICP inflation fell from 1.5% in July to 1.2% in August.

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 Chart

Estonia Inflation September 2014

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

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