Estonia Inflation April 2022

Estonia

Estonia: Inflation comes in at highest level since September 1996 in April

May 6, 2022

Consumer prices rose 3.56% over the previous month in April, accelerating from March's 2.67% increase. April's figure was the sharpest increase in prices since March 1994. The spike was primarily due to rising prices for food and non-alcoholic beverages. In addition, price pressures for housing and utilities rose at a stronger rate, the latter being affected by government compensation schemes for energy and fuels ending in April.

Inflation came in at 18.8% in April, which was up from March’s 15.2%. April's reading represented the highest inflation rate since September 1996. Meanwhile, the trend pointed up, with annual average inflation coming in at 9.1% in April (March: 7.7%). Lastly, harmonized inflation rose to 19.1% in April, from March’s 14.8%.

FocusEconomics panelists see harmonized inflation averaging 11.1% in 2022, which is up 2 percentage points from the previous month’s forecast, and 3.9% in 2023.


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Estonia Inflation April 2022 2

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


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