Estonia: Inflation accelerates in February
March 7, 2013
In February, consumer prices added 0.6% over the previous month, which was below the 0.7% increase observed in January. According to Statistics Estonia, the increase was mainly influenced by higher food prices and more expensive motor fuel.
As a result of the monthly increase, annual headline inflation rose from 3.4% in January to 3.7% in February. Meanwhile, January's annual HICP inflation (based on the harmonized index of consumer prices), the latest month for which data are available, inched up to 3.7% from 3.6% in December.
Annual average HICP inflation, however, inched down from 4.2% in December to 4.1% in January. The Central Bank expects HICP inflation to average 3.6% in 2013 and 2.4% in 2014. FocusEconomics Consensus Forecast panellists expect harmonized inflation to average 3.2% this year, which is down 0.3 percentage points from last month's forecast. Next year, the panel expects average inflation to moderate to 2.9%.