FX.co ★ Estonia Slips Into Deflation as June CPI Falls 0.5% Month-on-Month

Estonia’s consumer prices declined in June 2026, with the month-on-month Consumer Price Index (CPI) falling by 0.50%, reversing the modest 0.40% increase recorded in May 2026. The fresh data, updated on 7 July 2026, signal a shift from mild inflationary pressure to outright short-term deflation on a monthly basis.

The June figure is measured on a month-over-month basis, meaning the 0.50% drop reflects the change in prices from May to June. By comparison, the previous reading showed that prices in May rose 0.40% from April. The swing into negative territory suggests a notable cooling in price dynamics within a single month, a development that will be closely watched by policymakers, investors and businesses monitoring inflation trends in Estonia and the broader region.