During a press conference, Urmet Lee, the director of Statistics Estonia, highlighted the impact of the overestimation of the consumer price index (CPI) during the 2021-2022 energy crisis, noting that the effects are expected to persist in the economy. Lee explained that these years were characterized by extraordinary price changes and general uncertainty, which limited the agency's access to data for accurate assessments. He acknowledged that a revision of the CPI was necessary against more reliable data available today.

Lee pointed out a statistical difference in the CPI figures, stating that the agency had initially recorded an inflation rate of 24.8% at the peak of the energy crisis, while current figures suggest a more accurate rate of 22.2%. Despite these differences, he emphasized that the average annual growth of the CPI remains the more critical measure. The official inflation rate for 2022 was recorded at 19.4%, but revised data shows it to have been actually around 17.6%, resulting in a notable difference of 1.8 percentage points.

The implications of this overestimation extend beyond just the immediate economic indicators. It speaks to the broader challenges that statistical bodies face during periods of crisis, highlighting the need for robust data collection methods and accurate reporting mechanisms to ensure informed economic policy decisions. This situation raises questions about how economic data is gathered and reported, stressing the importance of transparency and accuracy in government statistics, especially during volatile times.