Estonia inflation jumps to 19.4% in 2022

Viktoria Trasanov, leading analyst at Statistics Estonia, said that the biggest impact on the consumer price index in 2022 came from housing-related price increases, which accounted for two fifths of the total rise. “Compared with 2021, electricity that reached homes was 94.4%, gas 123.8%, solid fuels 73.5% and heat energy 49.1% more expensive. Food and non-alcoholic beverages contributed nearly a fourth of the total increase. Among food products, the biggest increase was recorded in the prices of flour and cereals (53.6%), sugar (50.9%), other oils (49.5%) and eggs (45%). Petrol was 30% and diesel fuel 45.9% more expensive,” said Trasanov.

In December 2022, the consumer price index decreased by 0.1% compared with November 2022 and increased by 17.6% compared with December 2021. Goods were 19.7% and services 13.8% more expensive than in December 2021.

Viktoria Trasanov, leading analyst at Statistics Estonia, said that, compared with December 2021, the consumer price index was affected the most by the price changes of food and non-alcoholic beverages, which contributed nearly 40% of the total rise. Of food products, the biggest increase occurred in the prices of sugar (105.6%), flour and cereals (70.4%), eggs (59.2%) and sauces (56.8%). The impact of housing-related price changes on the total rise of the index was slightly below 20%. “Petrol was 13.1% and diesel fuel 30.7% more expensive,” added Trasanov.

Compared with November, the consumer price index of December 2022 was affected the most by 8.1% cheaper motor fuel prices and by the rising prices of food and non-alcoholic beverages.