Estonia: Inflation continues to ease in May
June 7, 2012
In May, consumer prices declined 0.1% over the previous month, which contrasted the 0.3% increase observed in April. According to Statistics Estonia, the fall was mainly influenced by declining prices of motor fuel. As a result, annual headline inflation decreased from 4.0% in April to 3.8% in May, the lowest level since December 2011. Annual HICP inflation (based on the harmonized index of consumer prices) fell from 4.7% in March to 4.3% in April, the latest month for which data are available. Annual average HICP inflation inched down from 4.9% in March to 4.8% in April. The Central Bank expects HICP inflation to average 2.8% this year and 2.9% in 2013.