Estonia Inflation December 2021


Estonia: Inflation comes in at highest level since December 1997 in December

January 7, 2022

Consumer prices increased 3.07% in December over the previous month, accelerating from the 1.82% rise logged in November. December's result marked the highest reading since February 1996. Looking at the details of the release, housing and utilities prices rose at a quicker pace in December compared to the previous month, while price pressures for transportation fell.

Inflation came in at 12.2% in December, which was up from November’s 8.8%. December's figure represented the highest inflation rate since December 1997. Meanwhile, the trend pointed up, with annual average inflation coming in at 4.7% in December (November: 3.6%). Lastly, harmonized inflation rose to 12.0% in December, from the previous month's 8.6%.

FocusEconomics panelists see harmonized inflation averaging 3.8% in 2022, which is up 0.4 percentage points from the previous month’s forecast, and 2.3% in 2023.


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Estonia Inflation Chart

Estonia Inflation December 2021 0

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

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