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Estonia Inflation

Estonia Inflation

Inflation in Estonia

Harmonized consumer price inflation averaged 3.7% in the ten years to 2022, above the Euro Area average of 1.8%. The 2022 average figure was 19.4%. For more inflation information, visit our dedicated page.

Estonia Inflation Chart

Note: This chart displays Inflation (HICP, ann. var. %, aop) for Estonia from 2014 to 2023.
Source: Statistics Estonia.

Estonia Inflation Data

2018 2019 2020 2021 2022
Inflation (HICP, ann. var. %, aop) 3.4 2.3 -0.6 4.5 19.4
Inflation (CPI, ann. var. %, eop) 3.4 1.8 -0.8 12.2 17.6
Inflation (HICP, ann. var. %, eop) 3.3 1.8 -0.9 12.0 17.5
Inflation (PPI, ann. var. %, aop) 2.6 -0.2 -2.4 12.4 26.8

Harmonized inflation falls to lowest level in three years in April

Harmonized inflation fell to 3.1% in April, which was down from March’s 4.1%. The reading represented the lowest inflation rate since April 2021. The deceleration was primarily due to softer price increases for alcohol and tobacco, clothing and footwear, and recreation and leisure. Additionally, housing costs swung into contraction. However, April saw increasing prices for food and non-alcoholic beverages. In addition, price pressures for transportation rose at a stronger rate. Annual average harmonized inflation fell to 5.3% in April (March: 6.1%). Meanwhile, consumer price inflation fell to 2.8% in April, from the previous month's 3.9%. Finally, harmonized consumer prices increased 1.02% in April over the previous month, picking up from the 0.44% increase logged in March.

Consensus Forecasts and Projections for the next ten years

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 12 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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