Statistics: Inflation 0.6 percent on year to February 2021

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Fuel prices exerted one of the largest influences on the CPI over the past year (picture is illustrative). Source: ERR

Inflation ran at 0.6 percent on year to February 2021, state agency Statistics Estonia reports.

The Consumer Price Index (CPI) rose slightly more between January and February, at 0.9 percent, Statistics Estonia reports, though on year, goods actually saw deflation of -0.6 percent on the CPI, while services cost 2.7 percent more than in February 2020.

Statistics Estonia leading analyst Viktoria Trasanov said rise in prices of electricity, which cost 26.7 percent more than the previous February, exerted the main influence on February 2021's figures, along with significant falls in diesel prices.

Trasanova said: "Diesel fuel was 12.8 percent, and petrol 4 percent, cheaper. As to food products, the largest rise occurred in the prices of baby food (at 11.6 percent) and flour mixes (9.1 percent), while the largest falls were recorded in the prices of fresh fish (which fell by 26.5 percent), potatoes (fall of 19.5 percent) and olive oil (9.3 percent)."

Diesel excise duties were cut in 2020 which, combined with low world oil prices globally and the effects of the early stages of the pandemic, saw diesel dip below the one-euro mark per liter at pump, from summer.

Conversely, rises in prices since the new year exerted the most influence on the CPI between January and February this year.

In February, the price of diesel fuel rose by 6.4 percent, as evidenced by several price hikes at filling stations in close succession.

Petrol prices rose by 3.1 percent over the same period.

Food prices also rose, particularly vegetables, which rose by 5.1 percent, and dairy products (2.1 percent).

More detailed information is here and here.

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Editor: Andrew Whyte

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