
Lenno Uusküla
Chief Economist at Luminor Estonia and Associate Professor of Macroeconomics at the University of Tartu, frequently commenting on the Baltic economies.
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APPEARANCES
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PODCASTS
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DEC 30
JAN 6
JAN 13
JAN 20
JAN 27
FEB 3
FEB 10
FEB 17
FEB 24
MAR 3
MAR 10
MAR 17
MAR 24
MAR 31
APR 7
APR 14
APR 21
APR 28
MAY 5
MAY 12
MAY 19
MAY 26
JUN 2
JUN 9
JUN 16
JUN 23
JUN 30
JUL 7
JUL 14
JUL 21
JUL 28
AUG 4
AUG 11
AUG 18
AUG 25
SEP 1
SEP 8
SEP 15
SEP 22
SEP 29
OCT 6
OCT 13
OCT 20
OCT 27
NOV 3
NOV 10
NOV 17
NOV 24
DEC 1
DEC 8
DEC 15
DEC 22
DEC 29
JAN 5
JAN 12
JAN 19
JAN 26
FEB 2
FEB 9
FEB 16
FEB 23
MAR 2
MAR 9
MAR 16
MAR 23
MAR 30
APR 6
APR 13
APR 20
APR 27
MAY 4
MAY 11
MAY 18
MAY 25
JUN 1
JUN 8
JUN 15
JUN 22
JUN 29
JUL 6
JUL 13
JUL 20
JUL 27
AUG 3
AUG 10
AUG 17
AUG 24
AUG 31
SEP 7
SEP 14
SEP 21
Sep 21, 2026
#NBF2026, Estonian economy and AirBaltic | #MedianReport 002
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17:40

Chris PetersonHOST
So from where we have come down and where we are at the moment and where Luminor is predicting the inflation will go.

Lenno UuskülaGUEST
Yes, so all Baltic states started from this 20 plus percents in 22, August 22, and the annual inflation was the highest and come down from that pretty fast in a way that the months after September 22, they were pretty low inflation.

Lenno UuskülaGUEST
So even if the annual inflation took time to calm down, then month-on-month basis, the change was pretty abrupt.

Lenno UuskülaGUEST
When the oil prices and gas prices start to decline, then also inflation month-to-month basis calmed down quite a bit.

Lenno UuskülaGUEST
Estonia had a series of tax increases, especially two value added taxes, two times two percentage points.