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Estonia's consumer price index (CPI) grew 1% in annual terms in November, data from Statistics Estonia showed on December 7. As in recent months, the increase was driven by growing prices of alcohol and tobacco products.
The reading sees CPI in positive territory for a fourth consecutive month after deflation dominated between May 2015 and July 2016. In monthly terms, consumer prices inched up 0.1%, largely due to growing prices of food, which were partially offset by fall of prices in the transport sector.
Alcohol and tobacco products rose 7.3% in annual terms on the back of a rise in excise duty introduced earlier this year. Prices in the education and hotels sectors grew 5.4% y/y and 2.8% y/y, respectively.
Food prices grew 1.1% overall, while clothing and footwear became 1.9% more expensive in November. Prices in the transport sector contracted 0.5%.
Estonian CPI is predicted to finish the year at 0.5%, according to the October forecast from the International Monetary Fund. The European Commission predicts price growth at 0.8% in 2016.
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