Estonia Inflation December 2016

Estonia

Estonia: Inflation jumps to over three-year high

January 16, 2017

Consumer prices rose 0.4% in December, coming in above November’s 0.1% increase. According to Statistics Estonia (SE), the monthly reading mainly reflected higher prices in 4 of the 12 categories of the index, of which transport and food and non-alcoholic beverages rose the most.

In December, inflation soared from 1.0% in November to 2.2%, marking the highest reading since August 2013 and the fifth increase in annual consumer prices since June 2015. Meanwhile, annual inflation came in at 0.2% in December (November: -0.1%)

HICP inflation rose from 1.3% in November to 2.4% in December. Meanwhile, average HICP inflation edged up from 0.6% in November to 0.8% in December, an over two-year high.

The Central Bank forecasts 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: Jean-Philippe Pourcelot, Economist

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Estonia Inflation Chart


Estonia Inflation December 2016

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


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