Even though Estonia’s year-on-year inflation has slowed down, the 15.6% inflation rate in March 2023 was still more than twice the eurozone average – 6.9%.
Estonia’s inflation rate, according to Eurostat, the European Union’s official statistics agency, slowed down compared with February when it was 17.8%. However, with its current 15.6% inflation rate is still the fourth highest in the EU.
In March 2022, Estonia’s year-on-year inflation rate was 14.8%.
The inflation rate in the eurozone was 6.9% in March 2023, down from 8.5% in February. The annual inflation rate in the entire European Union was 8.3% in March, down from 9.9% in February.
The highest inflation in the EU occurred in Hungary (25.6%) and Latvia (17.2%). Latvia is a member of the eurozone while Hungary is using its own currency, the forint.
The lowest inflation rate in the European Union in March 2023 was in Luxembourg (2.9%), Spain (3.1%) and the Netherlands (4.5%)