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Estonia Inflation January 2024

Estonia: Harmonized inflation comes in at highest level since October 2023 in January

Harmonized inflation rose to 5.0% in January from December’s 4.3%. January’s result was the highest inflation rate since October 2023. The increase was broad-based, with greater price pressures recorded for food and non-alcoholic beverages, transportation, and housing and utilities.

Annual average harmonized inflation fell to 8.1% in January (December: 9.1%). Meanwhile, consumer price inflation rose to 4.7% in January, from December’s 4.0%.

Lastly, harmonized consumer prices rose 1.26% in January over the previous month, swinging from December’s 0.02% drop. January’s jump marked the sharpest increase in prices since April 2023.

Analysts at the EIU commented on the outlook:

“The suspension of gas flows through the Balticconnector from early October will not drastically affect energy prices in the country, but further disruption of Baltic Sea LNG supply routes would expose Estonia to more significant price volatility. The slowdown in inflation that began in 2023 will be the start of a more sustained medium-term trend as supply-chain dynamics return to normal activity and tighter monetary policy dampens demand.”

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