Estonia Inflation Accelerated to Fastest in 15 Months

Estonia Inflation Accelerated to Fastest in 15 Months (1)

Eestlased Eestis | 07 Jun 2010 | EWR OnlineEWR

Ott Ummelas, via Bloomberg Businesweek
June 7 (Bloomberg) -- Estonian inflation accelerated in May to the fastest pace in 15 months due mainly to rising oil and food prices, prompting the central bank to warn rapid price growth may hinder the Baltic nation’s recovery.

Consumer prices rose 3 percent from a year earlier, after a 2.9 percent increase in April, the Tallinn-based statistics office said today. The median estimate of three analysts surveyed by Bloomberg was 3.3 percent. Inflation may peak in June and slow in the second half, the Finance Ministry said.

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The old economist12 Jun 2010 03:00

This, with due respect, is jive. Cost of living increases are not synonymous with inflation. This is the relatiely new, very unfortunate and bowdlerized definition of inflation.

Cost of living is one matter, loss of purchasing power of money is fully another. And the latter is what inflation is.

Estonia does not engage in inflationary policies. The yardstick that the EU uses to measure \"inflation\" is a strange and arbitrary one. A wrong one.

http://www.nber.org/~wbuiter/e...

How, pray tell, is the minuscule Estonian pipsqueak supposed to drive down the price of fossil fuels? Although I would gladly see the Estonian government dramatically cut the huge excise tax on gasoline.

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