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Statistics: CPI rose by 1.4 percent on month to January 2024

A supermarket checkout.
A supermarket checkout. Source: Priit Mürk/ERR

The Consumer Price Index (CPI) in Estonia rose by 1.4 percent between December 2023 and January 2024, state agency Statistics Estonia reports.

Comparing January to January, the CPI rose 4.7 percent on year to January 2024, the agency adds, with services 7.9 percent costlier, goods 2.9 percent more expensive, than in January 2023.

Team lead at Statistics Estonia, Viktoria Trasanov said: "Compared with January last year, the price of olive oil increased by 52.2 percent, while the prices of other edible oils fell by 20.2 percent," noting that on year to January, the CPI was impacted upon the most by price changes related to food and non-alcoholic beverages and housing.

These together contributed nearly a quarter of the total rise.

Meanwhile gasoline was 3.8 percent cheaper, and diesel 11.2 percent cheaper, in January this year compared with January 2023, Statistics Estonia says.

CPI Source: Statistics Estonia

Meanwhile between December 2023 and January 2024, the CPI was influenced the most by the rising prices of food and non-alcoholic beverages, which accounted for nearly half of the total increase, on the one hand, and by sales on clothing and footwear and cheaper holiday trips, on the other hand.

Since consumption patterns of the population and prices continuously change, Statistics Estonia updates its weighting system of CPI and the representative goods every year.

Starting from January's index, the base prices used for calculations are the prices of December 2023, the agency says.

To ensure comparability with previous periods, the CPI will continue to be published on the base 1997 = 100.

In addition to the change in the consumer price index by commodity groups, the table for January 2024 includes the expenditure structure, i.e. the weights of commodity groups, used in 2023, as well as the expenditure structure used since the January 2024 index.

Changes in CPI. Source: Statistics Estonia

Statistics Estonia compiled the above survey on behalf of the Ministry of Finance.

More detailed data is available from Statistics Estonia's site here, here and here.

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Editor: Andrew Whyte

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