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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 rises in December

Harmonized inflation rose to 4.3% in December, up from November’s 4.1%. The increase was primarily due to stronger price pressures for housing and utilities. Meanwhile, December saw slower growth in prices for food and non-alcoholic beverages. The trend pointed down, with annual average harmonized inflation coming in at 9.1% in December (November: 10.2%). However, consumer price inflation was stable, coming in at November's 4.0% in December. Lastly, harmonized consumer prices fell 0.02% in December over the previous month, contrasting November's 0.02% increase.

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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