Estonia Inflation July 2021

Estonia

Estonia: Inflation jumps to highest level in nearly 10 years in July

August 9, 2021

Consumer prices increased 1.09% in July over the previous month, slowing from the 1.17% increase recorded in June. Looking at the details of the release, July’s result was mainly driven by slower price growth for transportation, and housing and utilities, as well as declining prices for entertainment.



Meanwhile, inflation came in at 5.0% in July, which was up from June’s 3.8%. July's reading represented the highest inflation rate since September 2011. Meanwhile, the trend pointed up, with annual average inflation coming in at 0.9% in July (June: 0.4%). Lastly, harmonized inflation rose to 4.9% in July, from June’s 3.7%.

FocusEconomics panelists see harmonized inflation averaging 1.9% in 2021, which is up 0.1 percentage points from last month’s estimate, and 2.2% in 2022.


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Estonia Inflation July 2021

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


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