Inflation Estonia 2023
Average inflation: 9.5%
Current Inflation
Inflation is very high at 9.5%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 18.6%. The lowest inflation was in November at 4.0%.
- Highest month
- January: 18.6%
- Lowest month
- November: 4.0%
- Difference
- 14.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 16.3%. The lowest price increase was in Transport with an average of -0.6%.
- Highest increase
- Food and non-alcoholic beverages: 16.3%
- Lowest increase
- Transport: -0.6%
Historical Context
Current inflation is 2.4% higher than the 5-year average of 7.1%.
- 5-year average
- 7.1%
- 10-year average
- 4.2%
- All-time high (2022)
- 19.3%
- All-time low (2015)
- -0.5%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -9.8 percentage point.
- Change vs. previous year
- -9.8 percentage points
- Largest monthly swing
- August: -20.2 percentage points
ECB Target
Inflation is 7.5% 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 €109.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 18.6% | +7.3 |
| February | 17.5% | +5.5 |
| March | 15.3% | +0.1 |
| April | 13.5% | -5.4 |
| May | 11.3% | -8.7 |
| June | 9.2% | -12.6 |
| July | 6.4% | -16.5 |
| August | 4.6% | -20.2 |
| September | 4.2% | -19.4 |
| October | 4.9% | -17.6 |
| November | 4.0% | -17.3 |
| December | 4.0% | -13.6 |
| Average | 9.5% |
Data source
Data from OECD. Last updated: 11/01/2026.