Statistics: Inflation at 13-year high in November
Record energy prices have been a major factor in the 8.8 percent inflation rate on year to November, the highest figure since late 2008.
However, while record energy prices which have seen electricity costing 50 percent more in November this year than a year before – and natural gas prices rocketing 150 percent over that time-frame – have made their presence known in the CPI, on month, it is house prices which have exerted the most influence, state agency Statistics Estonia reports.
The last time the year-on-year change of the consumer price index exceeded this figure was in October 2008, when it stood at 9.8 percent, the agency says.
Overall, goods were 7.6 percent, and services 11.2 percent more expensive, in November this year, than in November 2020.
On month, the consumer price index (CPI) rose by 1.8 percent compared with October 2021.
Between October and November, house prices exerted the biggest impact on the CPI, accounting for over 40 percent of its total rise.
Energy price increases, much reported in the media, also made their presence known. Piped natural gas prices rose by a whopping 62.5 percent on month, while domestic electricity prices rose by 7.4 percent over the same period.
Inflation in food and with non-alcoholic beverages was also significant, contributing a quarter of the total index rise.
Viktoria Trasanov, leading analyst at Statistics Estonia, said of the figures over the year that: "Electricity that reached homes was 48.5 percent and pipeline gas 147.5 percent more expensive."
"The impact of transport-related price changes on the index change was slightly over 30 percent. Petrol was 28.3 percent and diesel fuel 40 percent more expensive, while vehicle prices rose by 15.3 percent," she went on.
The 5.4 percent rise in food and non-alcoholic beverages prices also had a majjor impact on CPI.
The largest increase on year was recorded in the prices of potatoes (102.8 percent rise), fresh fish (24.6 percent) and fresh vegetables (18.8 percent), Statistics Estonia says.
More detailed data is here.
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Editor: Andrew Whyte