Estonia Inflation May 2022

Estonia

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

June 7, 2022

Consumer prices increased 1.92% in May over the previous month, a smaller increase than April's 3.56% rise. May's result marked the weakest reading since February. Looking at the details of the release, the change in the prices for food and non-alcoholic beverages was largely steady in May, while prices for transportation rebounded.

Inflation came in at 20.0% in May, up from April’s 18.8%. May's result was the highest inflation rate since September 1996. Meanwhile, the trend pointed up, with annual average inflation coming in at 10.5% in May (April: 9.1%). Finally, harmonized inflation rose to 20.1% in May, from the previous month's 19.1%.

FocusEconomics panelists see harmonized inflation averaging 12.3% in 2022, which is up 1.2 percentage points from last month’s forecast, and 4.1% in 2023.


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Estonia Inflation May 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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