Estonia Inflation March 2018


Estonia: Inflation drops to a 12-month low in March

April 16, 2018

In March, consumer prices remained flat compared to the previous month, contrasting February’s 0.9% month-on-month increase. According to data released by Statistics Estonia, the result was primarily driven by stagnant prices for food and non-alcoholic beverages. Notable increases in prices for alcoholic beverages and tobacco, and clothing and footwear were offset by lower prices for recreation and culture, household goods and transport.

Meanwhile, inflation moderated for a second consecutive month in March, coming in at 2.8%, below February’s 3.1%, and marking the lowest print over the past 12 months. In turn, annual average inflation remained unchanged at the previous month’s 3.4%.

HICP inflation dropped significantly, to 2.5% from February’s 3.2%. This marked the fourth consecutive month of decline and the lowest reading since December 2016. Meanwhile, average HICP inflation remained unchanged from the previous month at 3.7% in March.

Estonia Inflation Forecast

FocusEconomics Consensus Forecast panelists see harmonized inflation averaging 3.2% in 2018, which is unchanged from last month’s forecast. In 2019, the panel expects harmonized inflation to average 2.9%.

Author:, Research Team Manager

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Estonia Inflation Chart

Estonia Inflation March 2018 0

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

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