Estonia Inflation January 2016


Estonia: Drop in annual consumer prices softens in January

February 12, 2016

Consumer prices in January fell 0.1% of the previous month, which came in above December’s 0.7% decrease. According to Statistics Estonia, the fall was driven by lower prices for transportation and clothing and footwear.

Annual consumer prices declined 0.6% compared to the same month of the previous year, which was slightly above Decembers 0.9% decline. HICP inflation tallied 0.1% in January (December: -0.2% year-on-year). Meanwhile, average HICP inflation remained steady in January at the 0.1% reading tallied in December.

The Central Bank sees harmonized inflation averaging 1.5% in 2016 and 3.1% in 2017. FocusEconomics Consensus Forecast panelists expect harmonized inflation to average 1.2% in 2016, which is down 0.4 percentage points from last month’s forecast. In 2017, the panel expects average inflation to accelerate to 2.1%.

Author: Jean-Philippe Pourcelot, Economist

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Estonia Inflation Chart

Estonia Inflation January 2016

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

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