Estonia: Consumer prices record largest drop in four-and-a-half years
July 7, 2014
Consumer prices were flat over the previous month in June, which was down slightly from the 0.1% increase observed in May. According to Statistics Estonia, much higher prices for hotels and restaurants were offset by lower prices for alcoholic beverages and tobacco, as well as for communication.
Consumer prices swung from a 0.1% annual increase in May to a 0.4% decrease in June, which marked the lowest rate since January 2010. Meanwhile, annual HICP inflation—based on the harmonized index of consumer prices—edged down from 0.8% in April to 0.6% in May (the last month for which data are available). Annual average HICP inflation fell from 2.4% in April to 2.1% in May.
Author: Carl Kelly, Economist