Estonia: Inflation inches down in January
February 7, 2013
In January, consumer prices added 0.7% over the previous month, which contrasted the 0.1% decrease observed in December. According to Statistics Estonia, the increase was mainly influenced by higher prices for housing as well as for food and non-alcoholic beverages.
Despite the monthly increase, annual headline inflation inched down from 3.5% in December to 3.4% in January, the lowest level seen in more than two years. Meanwhile, December's annual HICP inflation (based on the harmonized index of consumer prices), the latest month for which data is available, edged down to 3.6% from 3.8% in November.
Annual average HICP inflation reached 4.2% in 2012, below the 5.1% rate recorded in 2011.