Bank analysts predict that price increases will accelerate in the coming months as well, primarily due to rising energy prices.

"Electricity exchange prices rose in October due to a decline in renewable energy production. Oil and gas prices increased further in October as the conflict in the Persian Gulf region intensified," said Swedbank economist Liis Elmik.

"Futures contracts indicate that crude oil prices are expected to remain above $100 per barrel until the end of this year. Some easing of price pressures is not expected until next year," Swedbank noted.

Statistics Estonia will publish the final change in the consumer price index, with revised data, on Friday.

Bigbank economist Raul Eamets pointed out that in September, a similar flash estimate put price growth at 3.1 percent, while the actual increase, according to revised data, was 3.5 percent.

"Therefore, it can be assumed that this time too, the actual price increase will be higher than the flash estimate," Eamets said.

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