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 2013 to 2022.
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 rises in October
Harmonized inflation came in at 5.0% in October, up from September’s 3.9%. The reading was largely due to a more moderate increase in prices for food and non-alcoholic beverages. In addition, price pressures for transportation dropped at a quicker rate. Moreover, prices for recreation grew at a more subdued pace. Annual average harmonized inflation fell to 11.6% in October (September: 13.0%). Meanwhile, consumer price inflation rose to 4.9% in October, from the previous month's 4.2%. Lastly, harmonized consumer prices dropped 0.48% over the previous month in October, a sharper drop than September's 0.06% fall. October's result marked the weakest reading since July.
Analysts at the EIU commented on the outlook: “In 2024 we forecast that inflation will fall to an average of 3.1%, close to the Euro zone inflation target of 2%. […] However, temporary price spikes cannot be excluded as global energy markets, especially for oil, remain tight. The suspension of gas flows through the Balticconnector from early October will not drastically affect energy prices in the country, but further disruption of Baltic Sea LNG supply routes would expose Estonia to more significant price volatility.”
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.
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.