Ott Ummelas, Bloomberg Estonia’s inflation rate climbed more than expected to the highest level in 22 months in October, driven by higher prices for food.
Consumer prices rose 4.7 percent from a year earlier, the biggest increase since December 2008, following a 4 percent rise the previous month, the Tallinn-based statistics office said on its website today. The median estimate of four analysts surveyed by Bloomberg was for an inflation rate of 4.4 percent.
“Unfortunately there are no signs pointing at a slowdown in inflation,” said Maris Lauri, chief economist with Swedbank AB in Tallinn, in an e-mail. “In the short term, prices will only rise.”
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