Inflation Estonia 2022
Average inflation: 19.3%
Current Inflation
Inflation is very high at 19.3%, far above the ECB target.
Peak and Trough
The highest inflation was in August at 24.8%. The lowest inflation was in January at 11.3%.
- Highest month
- August: 24.8%
- Lowest month
- January: 11.3%
- Difference
- 13.5 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Housing, water, electricity, gas and other fuels with an average of 51.3%. The lowest price increase was in Communication with an average of -2.1%.
- Highest increase
- Housing, water, electricity, gas and other fuels: 51.3%
- Lowest increase
- Communication: -2.1%
Historical Context
Current inflation is 13.5% higher than the 5-year average of 5.8%. This approaches the highest level since records began (19.3% in 2022).
- 5-year average
- 5.8%
- 10-year average
- 3.5%
- All-time high (2022)
- 19.3%
- All-time low (2015)
- -0.5%
Trend
Inflation shows an upward trend. Compared to 2021, inflation has risen by +14.7 percentage point.
- Change vs. previous year
- +14.7 percentage points
- Largest monthly swing
- August: +19.8 percentage points
ECB Target
Inflation is 17.3% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €119.30 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 11.3% | +11.1 |
| February | 12.0% | +11.4 |
| March | 15.2% | +14.1 |
| April | 18.9% | +17.0 |
| May | 20.0% | +16.4 |
| June | 21.8% | +18.0 |
| July | 22.9% | +18.0 |
| August | 24.8% | +19.8 |
| September | 23.6% | +16.9 |
| October | 22.5% | +15.5 |
| November | 21.3% | +12.5 |
| December | 17.6% | +5.5 |
| Average | 19.3% |
Data source
Data from OECD. Last updated: 13/01/2026.