Estonia records the highest year-on-year inflation in the EU

Estonia recorded the highest year-on-year inflation rate in the European Union in November 2017 – a whopping 4.5 per cent while the whole bloc’s annual inflation rate was only 1.8%.

The highest annual rates in the EU, after Estonia, were recorded in Lithuania (4.2%) and the United Kingdom (3.1%), according to Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Cyprus (0.2%), Ireland (0.5%) and Finland (0.9%).

The year-on-year inflation rate in the eurozone was 1.5 per cent in November, and the whole EU recorded a 1.8% annual inflation rate.

According to Eurostat, the largest upward impacts to the euro area annual inflation came from fuels for transport (+0.21 percentage points), heating oil (+0.07 pp) and milk, cheese and eggs (+0.05 pp). Telecommunication (-0.11 pp), garments (-0.07 pp) and social protection (-0.04 pp) had the biggest downward impacts.

Eurostat uses the harmonised index of consumer prices between a month and the same month in the previous year to measure the annual inflation rate.

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The cover image is illustrative (Shutterstock).

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About the author: Sten Hankewitz

Sten Hankewitz is a lifelong journalist and Deputy Editor of Estonian World. Having lived in Estonia, Spain and the UK, he now resides in the United States. He loves to write and besides contributing to Estonian World and some occasional blogging, he writes for other media outlets in Estonia, Israel and elsewhere. He has strong convictions and he shows them unashamedly. You can follow him on Twitter, friend him on Facebook or check out his personal blog. You can write to Sten at sten@estonianworld.com.