Estonia: Inflation edges up in May
June 7, 2013
In May, consumer prices rose 0.2% over the previous month, which contrasted the 0.1% decrease observed in April. According to Statistics Estonia, the rise was mainly influenced by higher food prices.
As a result of the monthly increase, annual headline inflation rose from 3.1% in April to 3.3% in May. Meanwhile, April's HICP inflation (based on the harmonized index of consumer prices), fell to 3.4% from 3.8% in March, the latest month for which data are available.
Annual average HICP inflation remained stable at 4.0% in April. The Central Bank expects HICP inflation to average 3.6% in 2013 and 2.4% in 2014. FocusEconomics Consensus Forecast panellists expect harmonized inflation to average 3.5% this year, which is unchanged from last month's forecast. Next year, the panel expects average inflation to moderate to 3.1%.