Energy prices held back general inflation in August
The consumer basket was 3.2% more expensive in August than a year earlier. Inflation this month was...

Isabel Schnabel of the Executive Board of the European Central Bank will deliver a lecture in Eesti Pank
Isabel Schnabel of the Executive Board of the European Central Bank will deliver a lecture in Eesti...

It was mainly services that rose in price in July
Data from Statistics Estonia show that the consumer price index was 0.3% higher in July than in...

Inflation falling will help purchasing power grow
The consumer basket in Estonia was 2.5% more expensive in June than it was a year earlier, and 0.4%...

We are closer to achieving price stability says Madis Müller
High inflation in the euro area and Estonia has come down because energy prices have fallen and also...

Inflation is being kept up by the broadly based rise in prices for services
Consumer prices were 2.9% higher than a year earlier in May, while the price level was 0.1% higher...

Lower energy prices helped restrain inflation in April
Data from Statistics Estonia put yearly consumer price inflation in April at 2.8%. Inflation in...

Decisive steps will be needed for Estonia to recover its competitiveness says the IMF
Estonia’s loss of competitiveness is only partly a consequence of the recent crises, and solving the...

Republic of Estonia: Staff Concluding Statement of the 2024 Article IV Mission
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official...

Prices were mainly pushed up in March by communications services
Yearly growth in consumer prices slowed to 3.9% in March. A large part of the rise in prices was...

ECONOMIC FORECAST. The economy is on the threshold of growth
The latest forecast from Eesti Pank finds that after two years of recession, conditions have...

The price level was unchanged in February
The rise in consumer prices over the year slowed to 4.2% in February. The price level was unchanged...

Inflation in January was driven by tax rises
Data from Statistics Estonia show that consumer prices in January were 1.4% higher than they were in...

Inflation will continue to fall in 2024
Data from Statistics Estonia show that the yearly growth in the consumer price index did not change...

ECONOMIC FORECAST. The recession is dragging on
The latest economic forecast from Eesti Pank finds that the recession in the Estonian economy will...

Madis Müller: the issues that shape the capacity for growth in the Estonian economy
Speech by Madis Müller, Governor of the Bank of Estonia December 8, 2023 The Estonian economy...

Inflation was at its lowest level of the past two years in November
Data from Statistics Estonia show that prices were 4% higher in November than a year earlier, but...

Interest rates above 4% make term deposits an interesting option for investment says Veiko Tali
Inflation is coming down from its high level and has been encouraged in this by the central bank...

Consumer prices fell in October because of seasonal factors
Data from Statistics Estonia show the price level in Estonia in October was 0.4% lower than in...

Inflation in September was at its lowest for two years
Data from Statistics Estonia show that yearly inflation slowed in September to 4.2%. Inflation was...

Eesti Pank forecasts that the economy will find recovery tough
The latest economic forecast from Eesti Pank expects the Estonian economy will start growing again...

Governor Madis Müller: the economy is going to recover slowly
Governor Madis Müller says a quick recovery in Estonian economy is not to be expected, as purchasing...

Inflation will probably remain at 4–5% until the end of the year
Consumer price inflation has come down steadily throughout this year. Inflation was still close to...

The price drop in July was broad-based compared to June
In July, the consumer basket fell by 0.6% and price growth slowed to 6.4% year-on-year. Compared to...

Inflation continues to fall
Annual inflation in Estonia continued to come down, sliding from 11.3% in May to 9.2% in June....

ECONOMIC FORECAST. Lower inflation in the second half of the year will support growth in the economy
The latest economic forecast from Eesti Pank finds that the Estonian economy is doing satisfactorily...

Inflation slowed for the main groups of goods
Yearly growth in consumer prices stood at 11.3% in May according to Statistics Estonia. Inflation...

Higher interest rates are less of a problem than an overall rise in the cost of living says Madis Müller
High inflation becomes persistent in an economy if it becomes entrenched in the expectations of...

The IMF recommends that Estonia start reducing its budget deficit already this year
Estonia should start reducing the state budget deficit already this year in order to slow down...

Republic of Estonia: Staff Concluding Statement of the 2023 Article IV Mission
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official...

The IMF Mission is visiting Estonia
From today until 23 May a delegation from the International Monetary Fund, the IMF, will be visiting...

Inflation was driven in April by the end of energy subsidies
Data from Statistics Estonia show that inflation over the year continued to slow in April, and it...

Inflation continued to slow in March
Data from Statistics Estonia show that yearly consumer price inflation slowed in March to 15.3%....

ECONOMIC FORECAST. The economy will improve this year
The latest economic forecast from Eesti Pank finds that conditions are improving for a recovery in...

Inflation continued to slow in February
Data from Statistics Estonia show that yearly consumer price inflation slowed in February to 17.6%....

Madis Müller: „Why is inflation so high and so different in different euro area countries?“
Speech by Madis Müller, Governor of the Bank of Estonia, March 3, 2023 at the Bank of Slovenia....

Inflation will continue to slow in the coming months
Data from Statistics Estonia show that consumer prices were up 18.6% over the year in January....

Inflation in Estonia has lost momentum says Ülo Kaasik
“Inflation has not notably risen in Estonia since last August, and there are grounds to believe that...

Food was the main driver of inflation in December
Yearly inflation slowed to 17.6% in December according to Statistics Estonia. Food products, which...

Eesti Pank forecasts that the full impact of the energy crisis is only starting to be felt by the economy
The latest economic forecast from Eesti Pank finds that consumption will be reduced by high...

Inflation is falling slowly
Data from Statistics Estonia show that inflation over the year was 21.3% in November. Roughly equal...

The energy compensation paid by the government slowed inflation
Data from Statistics Estonia show that consumer prices were 1.1% lower in October than in September,...

Inflation slowed a little in September
Inflation slowed to 23.7% over the year in September. This is mainly because there was a fall in...

Companies need to find their own formula for adapting says Ülo Kaasik
Deputy Governor of Eesti Pank Ülo Kaasik said that the ability of companies to adapt will be...

Both the central bank and the government need to take steps to combat inflation
The outlook for the Estonian economy depends above all on the future rate of inflation. Estonia has...

Energy prices hit new records
Inflation continued to accelerate in August as the prices of natural gas and electricity hit new...

Larger wage rises are not offsetting the rise in consumer prices
Data from Statistics Estonia show that the growth rate in the average wage accelerated from 8.1%...

Slower growth in the economy will start to rein back inflation
Data from Statistics Estonia show that prices were 1.9% higher in July than a month earlier, with...

Energy contributed a half of the inflation in June
Consumer prices rose 21.9% in June over the year, energy contributing a half of the total inflation...

Rapid growth in spending on consumption has slowed the growth in deposits
The growth in deposits has slowed considerably. Households had around 11%, or 1.13...

The broader impact on the economy of Russia’s war will be felt in the second half of the year
The Estonian economy started the year in a very strong position, but growth in it will slow. Growth...

Energy prices continued to climb in May
Data from Statistics Estonia show that inflation remained high in May, touching 20% over the year....

One euro in ten that is spent under the state budget is not covered by revenues says Madis Müller
The central bank is reducing its monetary policy support for the economy because the boost to...

Speech by the Governor of Eesti Pank to the Riigikogu Presentation of the Annual Report of Eesti Pank for 2021
Honourable President of the Riigikogu, Distinguished Members of the Riigikogu. Once a year Eesti...

Support for the economy during the current crisis needs to be different from that during the pandemic says Madis Müller
“A strong economic stimulus was needed during the pandemic from both the central bank and the...

The International Monetary Fund recommends that support be targeted more precisely
Estonia will need to use its budget resources for the extraordinary costs caused by the war in...

Republic of Estonia: Staff Concluding Statement of the 2022 Article IV Mission
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official...

The impact of the war in Ukraine has reached inflation
Consumer prices were up 18.8% on average on the year in April 2022. Prices were on average 3.5%...

Each additional euro injected in the economy must be well targeted says Ülo Kaasik
Eesti Pank is forecasting that inflation in the Estonian economy this year will average above 10%,...

High inflation will reduce purchasing power
The consumer basket was 15.2% more expensive in March than a year earlier. The biggest driver of the...

Russia’s invasion of Ukraine will affect the Estonian economy through supply difficulties and higher inflation
How the Estonian and global economies perform will for the time being be steered by Russia’s...

Uncertainty in commodities markets is causing strong price pressures
The consumer basket rose in price by 12% in February. Prices were up on the year by 36% for energy,...

Economic growth will slow
Growth in the economy in 2021 exceeded expectations, but it will be slower from here on. The...

Inflation for energy and food prices in Estonia is among the highest in the euro area
Inflation in Estonia has remained above the euro area average mainly because prices have risen for...

The exceptionally high inflation right now will come down in the second half of the year says Ülo Kaasik
Deputy Governor of Eesti Pank Ülo Kaasik said that the current extraordinarily high inflation in...

Record energy prices are restricting purchasing power
Data from Statistics Estonia show that consumer prices in December were 12.2% higher than a year...

The high rate of inflation should abate in the second half of next year
The latest economic forecast from Eesti Pank expects that the economy will grow by 8% this year, but...

Record energy prices mean inflation will not come down in the near future
Yearly inflation reached 8.8% in November as the price level stood 1.8% higher than in the previous...

Energy prices will continue to pass through into consumer prices in the coming months
Inflation of 7% in October was caused by a sharp rise in energy prices, blockages in supply chains...

Energy prices pushed inflation up across Europe
Supply-side factors continue to drive inflation upwards as energy prices pushed yearly inflation to...

Responsible fiscal policy would help keep faster inflation in check
Estonian Economy and Monetary Policy 3/2021 The latest economic forecast from Eesti Pank...

Inflation continues to be driven by rising energy prices
Inflation in August remained at its rate of July as consumer prices were up 5% over the...

Inflation is being driven by higher global prices for raw materials and imported goods
The consumer purchase basket rose in price by 1.1% in July and was 5% more expensive than a year...

Inflation has been faster than in Estonia's neighbours largely because of rising energy prices
Prices in Estonia were up by 3.8% over the year in June based on the national CPI weights, or by...

Inflation pressure is strengthening because of the external environment
The largest part of the inflation of 3.6% over the year in May was caused by rises in motor fuels...

Rising food prices are starting to push up inflation
Yearly growth in consumer prices accelerated to 1.9% in April, with more than half the rise coming...

Inflation will remain higher until the summer
Inflation remained at its high level of recent months in March. The rise of 1.1% in consumer prices...

Expensive electricity raised inflation in February
Inflation of 0.6% in February was mainly driven by energy prices, as price rises in the rest of the...

Prices stopped falling in January after doing so for nine months
Data from Statistics Estonia show that consumer prices in January were 0.2% higher than a year...

Prices in Estonia fell by less last year than was expected in the spring
Sulev Pert Economist at Eesti Pank Data from...

Cheap oil continues to drive prices down
Sulev Pert Economist at Eesti Pank Data from...

Prices will fall until the start of the new year
Sulev Pert Economist at Eesti...

Prices in Estonia have reacted flexibly to the economic crisis
Sulev Pert Economist at Eesti Pank Data from...

Prices continued to fall in August
Sulev Pert Economist at Eesti Pank Data from...

Prices will continue to decline throughout the second half of the year
Sulev Pert economist at Eesti...

Prices continued to fall in June because economic activity was weak
Sulev Pert Economist at Eesti Pank Consumer prices...

It is time to move from emergency crisis aid to a long-term plan
Estonia is going through a global pandemic with wide-ranging economic consequences that will leave...

Prices fell by more in Estonia than in the euro area in May
Sulev Pert Economist at Eesti Pank The consumer...

The moderate fall in consumer prices will probably continue in the second half of the year
Sulev Pert Economist at Eesti Pank The consumer price...

Inflation was slowed in March by coronavirus
Sulev Pert Economist at Eesti Pank Data from...

Having risen a long way over the year, prices for tourist services could be brought down by the virus
Sulev Pert Economist at Eesti Pank Data from...

Inflation remained modest in January
Sulev Pert Economist at Eesti Pank Data from...

The weak external environment is holding inflation down in Estonia
Natalja Viilmann Economist at Eesti Pank Data from...

Eesti Pank forecasts that the economy will start to lose momentum after running at full power
The Estonian economy will grow by 3.4% this year and 2.3% in 2020 Growth in the economy will...

The annual rise in consumer prices remained moderate
Sulev Pert Economist at Eesti Pank Data from...

Price growth is slowing down in the euro area and in Estonia
Sulev Pert Economist at Eesti Pank According to...

Moderate price growth will continue in the near future
Sulev Pert Economist at Eesti Pank Consumer prices...

The cut in excise slowed inflation
Sulev Pert Economist at Eesti Pank The price level in...

The effect of lower excise on alcohol will depend on shopkeepers
Kaspar Oja Economist at Eesti Pank Consumer prices...

People and the state could look to make savings in the coming years
The Estonian economy will grow by 3.3% this year and 2.1% next. Growth in the economy will slow as...

Prices continue to rise much faster in Estonia than in the euro area as a whole
Sulev Pert Economist at Eesti Pank The consumer...

Eesti Pank held a debate in Pärnu for students to discuss inflation
Eesti Pank and the Estonian Debating Society staged a debate today in the Sütevaka Gümnaasium school...

The higher oil price has clearly passed into prices
Sulev Pert Economist at Eesti Pank Statistics Estonia...

Energy prices continue to set the rate of inflation
Sulev Pert Economist at Eesti Pank Data from...

Inflation has been slowed by the cooling global economy
Sulev Pert Economist at Eesti Pank Data from...

Inflation slowed in January
Sulev Pert Economist at Eesti Pank Data from...

Inflation in Estonia in 2018 was the fastest in the euro area
Sulev Pert Economist at Eesti Pank Inflation remained...

The fall in competitiveness in the economy points to trouble ahead
The Estonian economy will grow by around 3.5% this year and next, and by 2020 growth will slow to...

Inflation has passed its peak
Sulev Pert Economist at Eesti Pank Consumer price...

Rising prices for services have started to push prices up strongly
Sulev Pert Economist at Eesti Pank Consumer prices...

Inflation is staying high this year
Sulev Pert Economist at Eesti Pank Data from...

Inflation was affected substantially in July by higher prices for motor fuels and electricity
Sulev Pert Economist at Eesti Pank Inflation...

The Estonian economy is moving from very good times into just good times
Growth in the economy will be around 3.5% in 2018-2019, but it will slow to 2.5% in...

Prices for motor fuels lifted CPI inflation in May
Sulev Pert Economist at Eesti Pank Energy goods,...

Yearly inflation remained close to three per cent in April
Sulev Pert Economist at Eesti Pank Rises in excise...

Inflation fell further in March
Sulev Pert Economist at Eesti Pank Inflation...

The yearly growth in consumer prices slowed further in February
Sulev Pert Economist at Eesti Pank Inflation...

Inflation is being held up by a rising oil price and increases in excise
Sulev Pert Economist at Eesti Pank The oil price...

Price pressures eased off in December
Sulev Pert Economist at Eesti Pank The consumer...

The Estonian economy is reaching the peak of the growth cycle
The economy is in its best position since the crisis The economy will grow more slowly in the...

Inflation was faster in November because of motor fuels and food
Sulev Pert Economist at Eesti Pank Inflation was...

Inflation will be affected in the short term by the rise in the oil price
Sulev Pert Economist at Eesti Pank Higher prices...

Prices continued to rise rapidly in September
Sulev Pert Economist at Eesti Pank Inflation is...

Faster inflation is mainly due to food prices
Sulev Pert Economist at Eesti Pank Inflation is in...

Inflation was at its fastest for four years in July
Sulev Pert Economist at Eesti Pank The rise in the...

Inflation remained high in June because of rising food prices
Sulev Pert Economist at Eesti Pank Estonia stands...

Economic growth will get a boost from the need to invest in increasing productivity
Growth in the economy has picked up sharply as foreign demand has increased and the problems in...

Inflation picked up a little in May
Sulev Pert Economist at Eesti Pank The immediate...

Inflation in Estonia this year is due to energy prices and rises in excise
Sulev Pert Economist at Eesti Pank Inflation...

The rise in excise will continue to affect the consumer price index in the months ahead
Sulev Pert Economist at Eesti Pank Oil and...

Price rises in February were primarily due to higher prices for oil and food
Sulev Pert Economist at Eesti...

Higher prices for commodities on global markets are passing into consumer prices
Sulev Pert Economist at Eesti Pank Consumer price...

Inflation was at its fastest of the past three years in December
Rasmus Kattai Economist at Eesti Pank Inflation...

The capacity for growth in the Estonian economy has contracted
Investment has fallen for three years and this has reduced the potential for growth in the coming...

Inflation continues to rise
Rasmus Kattai Economist at Eesti Pank The price of...

The recovery of inflation seen in recent months continued in October
Rasmus Kattai Economist at Eesti Pank Most of the...

Taxes raised the price level in September
Rasmus Kattai Economist at Eesti Pank Inflation is...

Increased investment indicates that economic growth may accelerate
Eesti Pank published its review of the Estonian economy in the second quarter on...

Prices stopped falling in August after declining for more than two years
Rasmus Kattai Economist at Eesti Pank The rise in...

The price level in July remained unchanged
Rasmus Kattai Economist at Eesti Pank External...

Prices will stop falling soon
Rasmus Kattai Economist at Eesti Pank The price...

Cheap oil will lower the price level in the months ahead
Rasmus Kattai Economist at Eesti Pank he fall in...

The decline in prices in March was the smallest of the year
Rasmus Kattai Economist at Eesti Pank Prices are...

Estonian economic growth in 2015 was the slowest of the past six years
Real household incomes and sales by companies in the domestic market have increased rapidly, but...

The price level in Estonia falls under pressure from factors from abroad
Rasmus Kattai Economist at Eesti Pank The main...

Prices in Estonia are at the level of three years ago
Rasmus Kattai Economist at Eesti Pank In contrast...

Ardo Hansson: The loss of market share for the Estonian exporting sector indicates there are problems with competitiveness
In a presentation at the annual conference of the Estonian Economic Association, Ardo Hansson,...

Energy kept prices moving downwards last year
Rasmus Kattai Economist at Eesti Pank 2015 was a...

Slower fall of prices was broad based in November
Rasmus Kattai Economist at Eesti Pank The fall in...

Service prices rose but the overall price level continues to decline
Rasmus Kattai Economist at Eesti...

The factor affecting price levels most is still energy
Rasmus Kattai Economist at Eesti Pank Consumer...

Falling energy prices keep consumer prices moving downwards
Rasmus Kattai Economist at Eesti Pank Data from...

The fall in prices fastened as fuel prices declined
Sulev Pert Economist at Eesti Pank Data...

The fall in prices in June was caused by external factors
Data from Statistics Estonia show that the consumer price index was 0.1% lower in June than a year...

Deflation has ended after close to a year
Rasmus Kattai Economist at Eesti Pank Data from...

A cheaper euro will affect inflation in the coming months
Rasmus Kattai Economist at Eesti Pank Data from...

Inflation in Estonia reflects price developments on global markets
Rasmus Kattai economist at Eesti Pank Data from...

Deflation slowed in February
Rasmus Kattai Economist at Eesti Pank Data from...

The sharp fall in energy prices deepened deflation
Rasmus Kattai Economist at Eesti Pank Energy prices...

The price level in Estonia fell last year
Rasmus Kattai Economist at Eesti Pank Data from...

Inflation - frequently asked questions (FAQ)
Who can control inflation and how? The European Central Bank can use monetary policy to...

The functioning of monetary policy
The central bank is the sole issuer of banknotes and sets the reserve requirements for the...

Importance of price stability
Price stability means avoiding prolonged periods of excessively high inflation or...