Inflation in Estonia
Harmonized consumer price inflation averaged 4.3% in the ten years to 2024. The 2024 average figure was 3.7%. For more inflation information, visit our dedicated page.
Estonia Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Estonia from 2025 to 2024.
Source: Macrobond.
Estonia Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | -0.6 | 4.5 | 19.4 | 9.1 | 3.7 |
| Inflation (CPI, ann. var. %, eop) | -0.8 | 12.2 | 17.6 | 4.0 | 3.9 |
| Inflation (HICP, ann. var. %, eop) | -0.9 | 12.0 | 17.5 | 4.3 | 4.1 |
| Inflation (PPI, ann. var. %, aop) | -2.4 | 12.4 | 26.8 | 0.9 | -0.9 |
Inflation slows in September from the prior month
Latest reading: Harmonized consumer prices were up 5.3% in annual terms in September, following a 6.2% rise in the prior month. Relative to the previous month's data, there were reduced price pressures for food and non-alcoholic beverages (+7.8% in annual terms vs +9.4% in August), transportation (+8.5% vs +9.6% in August), recreation (+6.5% vs +8.3% in August) and restaurants and hotels (+5.2% vs +6.1% in August). In contrast, price pressures were higher for housing and utilities in September (+2.6% vs +1.6% in August). Meanwhile, consumer prices increased 5.2% on a year-on-year basis in September, following a 6.1% rise in the previous month. Lastly, harmonized consumer prices declined 1.12% in September in month-on-month terms, following a 0.91% rise in the prior month.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Estonian inflation projections for the next ten years from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Estonian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Estonian inflation projections.
Want to get access to the full dataset of Estonian inflation forecasts? Send an email to info@focus-economics.com.
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