Estonia Inflation August 2022


Estonia: Harmonized inflation comes in at highest level since our records began

September 7, 2022

Harmonized inflation came in at 25.2% in August, which was up from July’s 23.2%. August's figure represented the highest inflation rate since our current records began. Looking at the details of the release, housing and utilities prices rose at a quicker pace in August compared to the previous month, while price pressures for transportation eased.

The trend pointed up, with annual average harmonized inflation coming in at 15.2% in August (July: 13.5%). Meanwhile, consumer price inflation rose to 24.8% in August, from July’s 22.8%.

Lastly, harmonized consumer prices rose 2.32% in August over the previous month, accelerating from the 2.12% rise logged in July.

FocusEconomics panelists see harmonized inflation averaging 17.8% in 2022, which is up 1.1 percentage points from last month’s forecast, and 7.2% in 2023.


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Estonia Inflation Chart

Estonia Inflation August 2022

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

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