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    Flash Comment: Estonia - December 7, 2012

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    Swedbank AB (publ)
    The document summarizes economic data from Estonia showing that consumer prices fell by 0.3% in November due to lower fuel prices, slowing annual inflation to 3.6%. It expects inflation to reach 4% on average for the year and decelerate next year, though monthly changes may become more volatile due to electricity price dependence on open market developments.

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    Flash Comment: Estonia - December 7, 2012

    Uploaded by

    Swedbank AB (publ)
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    The document summarizes economic data from Estonia showing that consumer prices fell by 0.3% in November due to lower fuel prices, slowing annual inflation to 3.6%. It expects inflation to reach 4% on average for the year and decelerate next year, though monthly changes may become more volatile due to electricity price dependence on open market developments.

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    Flash comment: Estonia - December 10, 2012: Falling fuel prices slow price growth in November

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    Flash comment: Estonia - December 7, 2012

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    The document summarizes economic data from Estonia showing that consumer prices fell by 0.3% in November due to lower fuel prices, slowing annual inflation to 3.6%. It expects inflation to reach 4% on average for the year and decelerate next year, though monthly changes may become more volatile due to electricity price dependence on open market developments.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    13 views1 page

    Flash Comment: Estonia - December 7, 2012

    Uploaded by

    Swedbank AB (publ)
    The document summarizes economic data from Estonia showing that consumer prices fell by 0.3% in November due to lower fuel prices, slowing annual inflation to 3.6%. It expects inflation to reach 4% on average for the year and decelerate next year, though monthly changes may become more volatile due to electricity price dependence on open market developments.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Flash comment: Estonia

    Economic commentary by Economic Research Department Dec. 7, 2012

    Falling fuel prices slow price growth in November


    Contributions to CPI annual growth, %
    12 10 8 6 4 2 0 2008 -2 -4 other transport housing food CPI

    According to the data published by Statistics Estonia, consumer prices fell by 0.3% over the month in November. As a result, the annual inflation slowed to 3.6% from 4.1% in October. Lower fuel prices (2.6% monthly decline in transport costs) were the main reason behind abating inflation pressures. Over the recent months global oil prices have stabilised and euro has slightly appreciated vs the US dollar. In addition, the rise in global food prices which occurred during the summer has had a relatively minor pass-through to consumer level food prices remained almost unchanged as compared to October (0.1% growth).

    2009

    2010

    2011

    2012

    Outlook
    Inflation expectations, pts
    60

    40

    20

    At the beginning of next year, a one-off pickup in inflation will take place due to the liberalisation of electricity market. Looking forward, however, the overall price pressures are more likely to recede gradually. We expect the consumer price growth to reach 4% on average this year and decelerate somewhat next year. As the electricity price will be dependent on open market developments, the monthly changes in inflation can become more volatile.
    2012 industry retail services consumers

    0 2009 -20

    2010

    2011

    -40

    Kristjan Tamla Acting Chief Economist +372 888 7952 kristjan.tamla@swedbank.ee

    Swedbank Economic Research Department SE-105 34 Stockholm, Sweden ek.sekr@swedbank.com www.swedbank.com Legally responsible publisher Cecilia Hermansson, +46 8 5859 7720

    Flash comment is published as a service to our customers. We believe that we have used reliable sources and methods in the preparation of the analyses reported in this publication. However, we cannot guarantee the accuracy or completeness of the report and cannot be held responsible for any error or omission in the underlying material or its use. Readers are encouraged to base any (investment) decisions on other material as well. Neither Swedbank nor its employees may be held responsible for losses or damages, direct or indirect, owing to any errors or omissions in Flash comment.

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