Estonia does not forecast significant inflation in 2022

The current quick pace of inflation is not expected to continue at the same tempo in 2022, Estonian Finance Minister Keit Pentus-Rosimannus has said noting that currently there is no need to adjust next year’s state budget to the price rise, Estonian public broadcaster ERR reports.
In an interview with the ERR on Wednesday, November 10, Pentus-Rosimannus explained: «When it comes to the entire wage situation, the decision of there not being a major wage increase in the public sector means the wage growth in the most sensitive sectors is significant.»
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The minister emphasised the 12% increase to rescue workers’ wages next year and the 7 percent growth to the wages of teachers and culture workers.
As to the sharp rise in the price of electricity, Pentus-Rosimannus evaluated that electricity prices are volatile and if the current price rate stays for longer, planned costs must be looked at and cuts and redistributions must be found. «Everyone is looking at having to adjust consumption,» evaluated the Estonian Finance Minister, ERR reports.