Latest reading: Harmonized consumer prices increased 2.7% in annual terms in June, following a 2.8% rise in the prior month....
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 2014 to 2025.
Source: Macrobond.
Estonia Inflation Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 4.5 | 19.4 | 9.1 | 3.7 | 4.8 |
| Inflation (CPI, ann. var. %, eop) | 12.2 | 17.6 | 4.0 | 3.9 | 4.1 |
| Inflation (HICP, ann. var. %, eop) | 12.0 | 17.5 | 4.3 | 4.1 | 4.0 |
| Inflation (PPI, ann. var. %, aop) | 12.4 | 26.8 | 0.9 | -0.9 | 0.6 |
Inflation rises in May from the prior month
Latest reading: Harmonized consumer prices were up 3.6% on a year-on-year basis in May, following a 3.2% increase in the previous month. Relative to the previous month's data, there were higher price pressures for transportation (+9.4% in annual terms vs +7.5% in April), housing and utilities (+5.2% vs +3.6% in April), recreation (+3.8% vs +1.6% in April) and restaurants and hotels (+3.1% vs +3.0% in April). In contrast, price pressures reduced for food and non-alcoholic beverages in May (+0.9% vs +2.7% in April). Meanwhile, consumer prices were up 3.7% in annual terms in May, following a 3.4% increase in the prior month. Finally, harmonized consumer prices rose 0.50% in May on a month-on-month basis, following a 0.86% rise in the prior month.
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 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.
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