Statistics: Deflation on year to November influenced by fuel price fall

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Fuel prices in an Alexela filling station in late October. Source: ERR

While the consumer price index (CPI) rose 0.1 percent on month to November, it fell on year by 1.1 percent, state agency Statistics Estonia reports. Falling fuel prices in part resulted from diesel excise duty cuts earlier in the year. A fall in electricity prices also made its effects known.

Goods cost 1.2 percent less in November 2020 then November the previous year, while services cost 0.9 percent less over the same period.

Viktoria Trasanov, leading analyst at Statistics Estonia, said the fall in price of motor fuel had the biggest impact on CPI.

Trasanov said: "Diesel fuel prices decreased by 26.9 percent and petrol prices by 9.1 percent. Housing services also had a bigger impact, half of which can be attributed to the 2.6 percent price decrease of electricity, heat energy and heating."

Diesel excise duties were cut earlier in the year, and price at pump dropped below the one-euro mark in summer, though recently exceeded it again.

Food prices among some staples rose significantly, notably baby food (by 13 percent), flour and related mixtures (12.3 percent).

However, potatoes fell by 17.9 percent over the same period, butter by 14.9 percent and fresh fish by 10 percent, Statistics Estonia says.

On month, electricity rose by 2.3 percent in prices to homes, and diesel also rose, by 3.2 percent.

Fresh fruit and vegetables were however cheaper than in November, by 7 percent and 2.3 percent respectively.

More detailed data is on the Statistics Estonia website here, and also check the CPI calculator here.

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Editor: Andrew Whyte

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