Estonia's Inflation Flatlines in August ({{commentsTotal}})

Declining food prices helped keep price growth in check between July and August.
Declining food prices helped keep price growth in check between July and August. Source: Photo: Postimees/Scanpix

The nation's consumer price index in August registered zero change from July, and was up by only 2.9 percent compared with the same month of last year - the smallest year-on-year growth since August 2010.

Food prices, which dropped by 1.4 percent from July to August, played a large role in dampening the overall inflation rate. A 16 percent decrease in the price of vegetables was at the root of that decline, Statistics Estonia said in a release.

Heat energy prices, meanwhile, rose 2.9 percent month-to-month, the cost of clothing and footwear jumped 2.4 percent with the end of the mid-summer sales, and the price of plane tickets rocketed 15.8 percent.

In the yearly comparison, goods were 2.3 percent more expensive compared with August 2012,  and services were up 4.1 percent.

Housing expenditures were responsible for about half of the annual CPI growth, with a 28.4 percent rise in electricity prices - an effect of the opening of the nation's electricity market at the beginning of the year, responsible for 80 percent of that increase.

A 4.2 percent growth in food prices over the year was the second-largest factor, accounting for another third of the overall growth in prices. Meat prices were up 5 percent year-on-year, vegetables 11.6 percent and fruit 12 percent.

Motor fuel, however, was 4.7 percent cheaper in August than it was a year earlier.

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