The Consumer Price Index (CPI) reached a 13-year high in September, predominantly driven by soaring electricity prices, data from state agency Statistics Estonia shows.
Electricity prices have risen by over three-quarters between September 2020 and last month, and by over a quarter between August and September alone, while gas price rises have also been a major factor.
September's rate, of 6.6 percent on year to September 2021, is the highest since December 2008, when the year-on-year (y-o-y) CPI stood at 7.0 percent, Statistics Estonia says.
The CPI rose by 1.2 percent between August and September.
Viktoria Trasanov, leading analyst at Statistics Estonia, said: "Among housing services, a 30.1 percent more expensive rate for pipeline gas, plus 10 percent more expensive rents had also a bigger impact on the index change."
"The price increase of motor fuel continued to have a significant impact on the index: Gasoline prices rose by 19 percent and diesel fuel prices by 28.5 percent. Of food products, the largest increase was recorded in the prices of potatoes (79.3 percent), fresh vegetables (30.7 percent) and other edible oils (14 percent)," Trasanov added.
Overall, goods were 4.6 percent and services 10.4 percent more expensive than in September last year, Trasanov said.
By far the largest single impact on CPI for September – contributing one third of the total – came from the 74.5 percent rise in electricity prices on year.
Between August and September, the main influence on CPI was also domestic electricity (23.6 percent rise) and also gas (12.7 percent increase).
Clothing and footwear exerted a small increase as back-to-school sales campaigns ended, while fresh fruit and vegetables were the only goods to show a slight downward trend.
Editor: Andrew Whyte