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Estonia Inflation June 2023

Estonia: Harmonized inflation declines to lowest level since November 2021 in June

Harmonized inflation dropped to 9.0% in June, following May’s 11.2%. June’s reading represented the lowest inflation rate since November 2021. Looking at the details of the release, prices for food and non-alcoholic beverages increased at a more moderate pace in June and prices for transportation decreased at a quicker rate. Meanwhile, housing and utilities price growth softened.

Accordingly, the trend pointed down, with annual average harmonized inflation coming in at 18.0% in June (May: 19.1%). Meanwhile, consumer price inflation fell to 9.2% in June, from the previous month’s 11.3%.

Finally, harmonized consumer prices rose 0.82% from the previous month in June, picking up from May’s 0.03% increase.

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