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Consumer prices rise 7 percent on year

Gas station.
Gas station. Source: ERR

Over the past year, the consumer price index has increased by 7 percent, data from Statistics Estonia shows. The last time the rise was so high was in December 2008.

The consumer price index fell by 0.2 percent compared to September 2021 and rose by 7.0 percent compared to October 2020. Goods were 6.0 percent and services 8.9 percent more expensive than in October last year.

Viktoria Trasanov, leading analyst at Statistics Estonia, said that, compared to October 2020, the consumer price index was affected the most by transport-related price changes, which contributed slightly over a third of the total rise in the index.

"Petrol was 25.5 percent and diesel fuel 40.4 percent more expensive, while vehicles became 12.4 percent more expensive, of which 60 percent was caused by the higher prices of used cars," noted Trasanov.

The price changes of housing services contributed slightly under a third of the total index change.

The electricity that reached homes was 41.4 percent, pipeline gas 52.4 percent and rent 11.7 percent more expensive.

Among food products, the biggest increase compared to October 2020 was recorded in the prices of potatoes (61.9 percent), low-fat milk (13.5 percent) and fresh fish (13.1 percent).  

Consumer price index (October 2020 = 100) Source: Statistics Estonia.

The last time that the year-on-year change of the consumer price index was 7 percent or higher was in December 2008 when it was also 7.0 percent.

Compared to September, the biggest impact on the consumer price index came from the 19 percent lower price of electricity that reached homes – two thirds of this price decrease resulted from the Government's decision to compensate 50 percent of the network service fees to all consumers via distribution network operators.

The increased prices of motor fuel also had a bigger impact on the index change, as diesel fuel was 8 percent and petrol 6.1 percent more expensive than in September.

Change of the consumer price index by commodity groups, October 2021. Source: Statistics Estonia.

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Editor: Helen Wright

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