Estonian inflation picks up to 3.5% y/y in January

By bne IntelliNews February 8, 2018

Estonia's consumer price index (CPI) growth accelerated to 3.5% in annual terms in January from 3.4% y/y the previous month, data from Statistics Estonia showed on February 7.

Estonia begins 2018 with an inflation rate sustained at the level seen throughout 2017, when overall price growth came in at 3.4%, a major pick up compared to inflation of just 0.1% in 2016.

The annual growth in January was driven by rising prices of food, which expanded 5.7% y/y. Growing prices of alcohol and tobacco also contributed with a hike of 11.3% y/y, as did the prices in the transport segment, which grew 3.6% on the year, including an annual growth of 12.8% in petrol prices and a 12.1% y/y expansion in diesel fuel. Prices in the housing segment grew 3% y/y.

Overall, price growth of goods came in at 4.4% y/y in January, while services were 1.8% more expensive than in January 2017.

January saw the Estonian CPI in positive territory for the eighteenth consecutive month after deflation dominated between May 2015 and July 2016. In monthly terms, consumer prices grew 0.4% in January, compared to a fall of 0.3% m/m the previous month.

CPI is expected to expand 3.1% in 2018, according to the European Commission’s forecast that appeared on February 7. The most recent forecast from Eesti Pank is 3.2%.

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Estonian inflation picks up to 3.5% y/y in January

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Data

Slovakia´s unemployment rate reached 5.26% in January 2019, up by 0.22 percentage points (pp) month-on-month from 5.04% in December 2018 and down by 0.62pp year-on-year, according to data by the Labour, Social Affairs and the Family Centre published

Belarus' industrial output growth crashed to 0.9% year-on-year in January this year, down from 5.7% in December and 9.7% y/y growth in January of 2018, according to the national statistics agency Belstat.

The moderate PPI level corresponds to stubbornly weak inflation, which eased to just 0.9% y/y in January.

The Kremlin has been stock piling the yellow metal in anticipation of more US sanctions.

Mongolian consumer price inflation was recorded at 7.3% y/y in January, according to latest national statistics office data. In monthly terms, inflation grew slightly by 0.6% in the first month.

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Most Read

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