Annual inflation in Estonia reached 3.6% in October — ERR News

In Estonia, consumer prices rose by 0.6% in October compared with September and by 3.6% year-on-year. Statistics Estonia released these preliminary consumer price index data, ERR News reports.

Energy prices affect prices

Bank analysts expect price growth to accelerate further in the coming months, primarily due to more expensive energy. Swedbank economist Liis Elmik noted that exchange electricity prices increased in October because of reduced renewable energy production.

More current news is available on the UA.News Telegram channel Telegram.

She also linked further increases in oil and gas prices to the escalation of the conflict in the Persian Gulf region. Swedbank said that futures contracts indicate that crude oil prices will remain above $100 per barrel until the end of the year, while easing price pressures is not expected before next year.

Final data to be released on Friday

Statistics Estonia is due to publish final data on changes in the consumer price index on Friday. Bigbank economist Raul Eamets recalled that the preliminary inflation estimate for September was 3.1%, while after revision, actual annual price growth was set at 3.5%. In his view, the final figure for October may also turn out to be higher than the preliminary estimate.