Estonian inflation reaches 9.1 per cent in November

Business News

Dec 7, 2007, 8:33 GMT

Tallinn - Annual inflation in Estonia rose to 9.1 per cent in November from 8.5 per cent in October, the national statistics office said on Friday. Inflation in November was fuelled primarily by increases in costs of food and housing fuel, the office said. Inflation has steadily risen from 5.1 per cent last December. Strong domestic demand and rising wages pushed Estonia's central bank inflation forecast to 7.3 per cent in 2007. The authorities expect inflation to decline along with a slowdown in the Baltic nation's economic growth. The central bank forecasts gross domestic product (GDP) growth at 7.3 per cent in 2007, compared to the actual GDP growth of 11.2 per cent in 2006. Curbing inflation is one of the key requirements for joining the common European currency, which Estonia hopes to join in 2011 at the earliest. The strict EU criteria for adopting the euro stipulate that countries must have an average annual inflation rate no higher than the average of the three lowest rates in the EU, plus 1.5 per cent. © 2007 dpa - Deutsche Presse-Agentur

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