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).