June consumer prices most affected by fuel-related increases

Potatoes. Source: Olev Kenk/ERR

According to data provided by Statistics Estonia, the consumer price index (CPI) increased by 2.7 percent between May and June 2022, and by 21.9 percent when compared with June 2021. Both goods and services were more expensive this June, than during the same month last year, with a rise of 17.9 percent and 29.7 percent respectively.

Viktoria Trasanov, leading analyst at Statistics Estonia, said that, the increases in June 2022's consumer price index over the last year was most affected by housing-related price changes, which contributed over 40 percent of the total rise in the index.

Consumer Price Index (CPI) June 2022 Source: Statistics Estonia

Trasanov explained that the electricity reaching people's homes was 129.6 percent more expensive in June 2022 than a year ago. June additionally saw a 62.7 percent increase on year in the cost of heat energy and a 228.3 percent rise in gas prices. Solid fuels were also 77.3 percent more expensive in June 2022, than twelve months earlier.

Price rises related to transport, as well as food and non-alcoholic beverages, together accounted for a fifth of the total increase of the index between May and June. Petrol prices were up by 51.1 percent and diesel fuel 67.3 percent more expensive than in June 2021.

When it comes to food products, potato prices were up by 111.5 percent on year, with big increases also affecting eggs (61.9 percent), fresh fish (57.6 percent), flour and cereals (54.8 percent) and spices (53.4 percent).

Change in CPI by commodity groups (June 2022) Source: Statistics Estonia

Between May and June, the increased fuel-related prices had the biggest impact on the CPI, with petrol costs up 9.9 percent and diesel 8.4 percent more expensive.  Electricity prices also rose 11.3 percent and solid fuels were 6 percent more expensive in June 2022 than in May.

More detailed information can be found here.


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Editor: Michael Cole

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