OREANDA-NEWS. August 15, 2011. Compared to June, the consumer price index went up by 0.5% in July and inflation accelerated to 5.2%, year-on-year. Preliminary data show that in the euro area, inflation slowed to 2.5%. On Thursday, the Governing Council of the ECB decided to leave the minimum bid rate on main refinancing operations at 1.5%, reported the press-centre of Eesti Pank.

Estonia's inflation was broad-based in July, including food, energy and several service groups. The price level in Estonia is affected by high commodity prices and growing domestic consumption. The price of transport and recreational services went up by 0.8% in June.

Economic activity has declined in advanced economies, so external inflationary pressures are easing. However, the insecurity brought about by the debt crisis may cause additional price fluctuations in commodity markets.