Estonian CPI Sees Smallest Rise Since 2010

(Postimees/Scanpix)
2/7/2014 10:32 AM
Category: Economy

The consumer price index rose just 1.1 percent year-on-year in January, resulting in Estonia's lowest annual inflation rate since February 2010, when prices dropped 0.1 percent.   

Compared to January 2013, prices of goods rose by 1.4 percent and services were 0.5 percent more expensive, according to Statistics Estonia. 

The cost of groceries rose 3.2 percent, which accounted for two-thirds of the rise of the Index. One-third of the rise in food prices came from dairy products, which were 5.9 percent more expensive. Vegetables were 7.4 percent more expensive, which accounted for one-fifth of the rise of the food index. Fish increased the most (18 percent), while while the price of coffee and sugar dropped (15 percent).

Communication services dropped by 10.2 percent, canceling out 70 percent of the rise in food costs. Motor fuel was also 3.1 percent cheaper than a year before. The price of fish rose 18 percent, while coffee dropped 15 percent. Alcoholic beverages rose 4.6 percent, while tobacco was 6.7 more expensive.

Regulated prices of goods and services have risen by 0.5 percent and non-regulated prices by 1.3 percent compared to January of the previous year.

The January index rose 0.4 percent from December 2013, which reflected a 1.8 percent increase in food and the widespread sales of discounted clothing and footwear. Alcohol rose by 3.4 percent as December discounts ended and new excise duty rates came into effect.

 


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