Estonia: Inflation eases again in October
November 7, 2013
Consumer prices fell 0.3% over the previous month in October, which matches the reading observed in September. According to Statistics Estonia, the fall was mainly driven by a drop in prices for transport and housing as well as for alcoholic beverages and tobacco.
Annual headline inflation eased from 2.1% in September to 1.5% in October. HICP inflation - based on the harmonized index of consumer prices - fell from 3.6% in August to 2.6% in September, the last month for which data is available.
Annual average HICP inflation inched down slightly from 3.8% in August to 3.7% in September.
The Central Bank expects HICP inflation to average 3.6% in 2013 and 2.4% in 2014. FocusEconomics Consensus Forecast panelists expect harmonized inflation to average 3.4% this year, which is down 0.1 percentage points from last month's forecast. Next year, the panel expects average inflation to moderate to 3.0%, which is up 0.1 percentage points from last month's projection.
Author: Carl Kelly, Economist