Statistics: Minor price deflation on year to July 2020 ({{contentCtrl.commentsTotal}})

Electricity sub-station. Drops in electricity prices to homes were part of the driver behind slight deflation on year to July 2020.
Electricity sub-station. Drops in electricity prices to homes were part of the driver behind slight deflation on year to July 2020. Source: ERR

The Consumer Price Index (CPI) in Estonia saw a slight negative change on year to July 2020, state agency Statistics Estonia reports, driven by decreasing electricity and fuel prices, as well as falling rent prices.

CPI fell by 0.9 percent on year, and remained unchanged on the previous month, in July this year. Cheaper electricity and fuel was in particular a factor over the month, too.

Goods were 0.2 percent cheaper and services 2.0 percent cheaper on year to July 2020, the agency adds, with overall regulated prices of goods and services falling by 7.2 percent and non-regulated prices rising by 0.8 percent.

Compared with June 2020, CPI was affected most by cheaper electricity to the home, which cost 7 percent less in July, and also a 3.6 percent fall in gasolinee prices. Vegetables cost 4.3 percent more, however.

Viktoria Trasanov, leading analyst at Statistics Estonia, said fuel, particularly diesel, exerted the biggest change over the year July 2019-2020.

"Diesel fuel was 23.7 percent and petrol 7.7 percent cheaper. Another significant contributor to the index change was housing services, as electricity which reached homes was 16.1 percent, and rents 8.9 percent, cheaper than this time last year. Accommodation services prices dropped by nearly a quarter," she said.

Diesel excise duties were cut during the worst of the coronavirus pandemic in April, though the plan to do so predated the outbreak. Diesel still costs just under a euro per liter at pump.

Fruit prices moved in the opposite direction with an 18 percent rise and a 23 percent rise if confined to berries alone; meat prices rose a little more than 6 percent over the year. Potatoes, however, cost 30 percent less than in July 2019, and fresh fish and butter also saw double-digit percentage price falls.

More detailed information is here.

Statistics Estonia's consumer price calculator is here.

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Editor: Andrew Whyte

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