Estonia Inflation January 2017

Estonia

Estonia: Inflation jumps to over three-year high

February 7, 2017

Consumer prices rose 0.4% in January compared to the previous month, mirroring December’s reading. According to Statistics Estonia (SE), the monthly reading mainly reflected higher prices in 9 of the 12 categories of the index, of which education, alcoholic beverages and tobacco and food and non-alcoholic beverages rose the most.

In January, inflation soared from 2.2% in December to 2.7%, marking the highest reading since August 2013. Meanwhile, annual average inflation came in at 0.4% in January (December: +0.2%)

HICP inflation rose from 2.4% in December to 2.8% in January, the highest reading since August 2013. Average HICP inflation edged up from 0.8% in December to 1.0% in January, an over two-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 January 2017

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


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