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Country Report Estonia Product Image

Country Report Estonia

  • Published: August 2014
  • Region: Estonia
  • 67 Pages
  • The Economist Intelligence Unit

The aggregate rate of consumer price inflation in the euro zone fell to 0.3% in August 2014, according to a flash estimate published by Eurostat.

The euro zone's disinflationary slide continues. In August two of the bloc's four largest countries were in deflation-Italian prices were down by 0.2% year on year, Spain's by 0.5%-bringing the aggregate rate down to 0.3%. Only price increases in Germany and France stood between the euro zone and overall deflation in August. Official estimates for France have not yet been released, but we are expecting a rate in line with July's 0.6%. Germany recorded annual inflation of 0.8% in August, unchanged from the previous month. As inflation across the rest of the bloc has waned, the impact of German price rises in the aggregate data has surged. In 2013 Germany accounted, on average, for 34% of total inflation across the euro zone. In August 2014 this figure had risen to 72%.

The sectoral breakdown of the August data will be significant in terms of the policy response to the latest decline in the headline inflation rate. When the volatile energy and food sectors are stripped out, the annual rate of core inflation stands at 0.9%, a modest READ MORE >

Country Report Estonia

Euro zone inflation: not dismal enough to prompt ECB to act
Event
Analysis
Impact on the forecast

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