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Lenno Uusküla

Lenno Uusküla

Chief Economist at Luminor Estonia and Associate Professor of Macroeconomics at the University of Tartu, frequently commenting on the Baltic economies.

Sep 21, 2026

16:48
So from where we have come down and where we are at the moment and where Luminor is predicting the inflation will go.
16:58
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.
17:20
So even if the annual inflation took time to calm down, then month-on-month basis, the change was pretty abrupt.
17:30
When the oil prices and gas prices start to decline, then also inflation month-to-month basis calmed down quite a bit.
17:40
Estonia had a series of tax increases, especially two value added taxes, two times two percentage points.
17:49
We went from 20 to 24.
17:50
Wow.
20:47
Okay.

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