Estonia Inflation February 2018


Estonia: Inflation moderates in February

March 16, 2018

In February, consumer prices rose 0.9% compared to the previous month, a notable acceleration from January’s 0.4% month-on-month increase and the highest rate in the last 12 months. According to data released by Statistics Estonia, the increase in prices was broad-based. Particularly strong growth was recorded in the prices of housing, alcoholic beverages and tobacco, and clothing and footwear, which more than offset a marginal drop in the prices of communications and education.

Meanwhile, inflation moderated from January’s 3.5% to 3.1% in February, the lowest print since June 2017. In turn, annual average inflation fell marginally to 3.4% in February, from the 3.5% observed in the previous month.

HICP inflation decelerated from 3.6% in January to 3.2%, marking the lowest reading since June 2017. Meanwhile, annual average HICP inflation remained unchanged in February from the previous month’s 3.7%.

Estonia Inflation Forecast

FocusEconomics Consensus Forecast panelists see harmonized inflation averaging 3.2% in 2018, which is up 0.1 percentage points from last month’s forecast. In 2019, the panel expects harmonized inflation to average 2.9%.

Author:, Research Team Manager

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Estonia Inflation Chart

Estonia Inflation February 2018

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

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