Estonia Inflation


Estonia: Consumer prices record third consecutive annual drop in August

September 5, 2014

Consumer prices in August fell 0.3% over the previous month, which followed the 0.2% fall observed in July. According to Statistics Estonia, the decline was driven by lower prices in several categories, including food and non-alcoholic beverages, hotels and restaurants, and transport.

Consumer prices recorded a 0.7% year-on-year decrease in August, which was below the 0.4% decline tallied in July. The result marked the third consecutive drop and the lowest rate since December 2009. Meanwhile, annual HICP inflation—based on the harmonized index of consumer prices—dropped from 0.4% in June to a flat reading in July (the last month for which data are available). Annual average HICP inflation fell from 1.8% in June to 1.5% in July.

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 August 2014

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

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