Estonia's base inflation accelerates to 2.3 pct in July

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The annual base inflation in Estonia calculated on the basis of the harmonized index of consumer prices (HICP) accelerated to 2.3 percent in July, data collected by Statistics Estonia and released by Eurostat show.

In June Estonia's base inflation was 2.2 percent, in May 2.1 percent and in April 2 percent.

Latvia recorded positive base inflation for the first time after a long period of time in July at 0.03 percent. The country had base inflation of minus 0.65 percent in June and minus 0.5 percent in May.

In Lithuania base inflation in July was 1.2 percent, down from 1.6 percent in June and 1.8 percent in May.

In the eurozone base inflation was 1.1 percent in July, whereas across the EU base inflation was 1.2 percent.

Base inflation differs from changes in the consumer price index or general price rise in that in its calculation the price changes in energy, food, alcohol and tobacco are not included. As a result, in the case of Estonia the most weighty external factors have been eliminated.

At 3.9 percent, the overall price rise by the harmonized index of consumer prices in Estonia was higher than in any other member state of the EU last month. It was 1.6 percent in the eurozone and 1.7 percent across the EU.