Estonia Inflation July 2016


Estonia: Decline in consumer prices eases in July

August 5, 2016

In July, consumer prices were flat over the previous month, following the 0.3% increase tallied in June. According to Statistics Estonia (SE), the monthly reading mainly reflected higher prices in 6 of the 12 categories of the index which offset lower prices in the remaining six categories.

Annual consumer prices dropped 0.1% in July, which marked an improvement from the 0.4% fall recorded in June and the highest reading since May 2015.

HICP inflation was 0.8% in July, coming in above the 0.4% reading observed in June. Meanwhile, average HICP inflation inched up from 0.1% in June to 0.2% in July.

The Central Bank forecasts harmonized inflation averaging 0.6% in 2016 and 2.9% in 2017. FocusEconomics Consensus Forecast panelists expect harmonized inflation to average 0.5% in 2016, which is unchanged from last month’s forecast. In 2017, the panel expects average inflation to accelerate to 2.0%.

Author: Jean-Philippe Pourcelot, Economist

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Estonia Inflation Chart

Estonia Inflation July 2016

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

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