Estonia Inflation February 2017


Estonia: Inflation jumps to over three-and-a-half year high

March 15, 2017

Consumer prices rose 1.3% in February compared to the previous month, coming in above the 0.4% increase observed in January. According to Statistics Estonia (SE), the monthly reading mainly reflected higher prices in 8 of the 12 categories of the index, of which clothing and footwear, transport, alcoholic beverages and tobacco rose the most.

In February, inflation soared from 2.7% in January to 3.4%, marking the highest reading since August 2013. Meanwhile, annual average inflation edged up from 0.4% in January to 0.7% in February.

HICP inflation rose from 2.8% in January to 3.4% in February, the highest reading since August 2013. Average HICP inflation edged up from 1.0% in January to 1.3% in February, an over two-and-a-half year high.

The Central Bank foresees harmonized inflation averaging 2.8% in 2017 and 2.4% in 2018. FocusEconomics Consensus Forecast panelists expect harmonized inflation to average 2.0% in 2017, which is unchanged from last month’s forecast. In 2018, the panel expects average inflation to accelerate to 2.4%.

Author: Massimo Bassetti, Economist

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Estonia Inflation Chart

Estonia Inflation February 2017

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

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