Estonia Inflation

Inflation eases in June

Latest reading: Harmonized consumer prices were up 2.0% in annual terms in June, following a 3.6% increase in the prior month. June's reading was the weakest since April 2021 and matched the ECB’s 2.0% target. Relative to the prior month's figures, there were reduced price pressures for food and non-alcoholic beverages (-1.5% in annual terms vs +0.9% in May), transportation (+7.3% vs +9.4% in May), recreation (-0.8% vs +3.8% in May) and restaurants and hotels (-2.3% vs +3.1% in May). In contrast, price pressures were higher for housing and utilities in June (+7.3% vs +5.2% in May). Meanwhile, consumer prices rose 2.3% on a year-on-year basis in June, following a 3.7% increase in the prior month. Lastly, harmonized consumer prices declined 0.39% in June on a month-on-month basis, following a 0.50% 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 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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