Estonia Inflation

Inflation stabilizes in July

Latest reading: Harmonized consumer prices increased 2.0% in annual terms in July, unchanged from the previous month's reading. July's reading was the lowest since April 2021. Relative to the prior month's data, there were higher price pressures for housing and utilities (+8.2% on a year-on-year basis vs +7.3% in June) and restaurants and hotels (+1.1% vs -2.3% in June). In contrast, there were reduced price pressures for food and non-alcoholic beverages (-1.6% vs -1.5% in June), transportation (+4.8% vs +7.3% in June) and recreation (-3.2% vs -0.8% in June). Meanwhile, consumer prices rose 2.2% in annual terms in July, following a 2.3% increase in the prior month. Finally, harmonized consumer prices increased 0.52% in July in month-on-month terms, following a 0.39% decline 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 13 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.

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