Analytics, Estonia, Inflation, Markets and Companies

Compared to January 2014, goods were 2.3% cheaper and services 0.6% more expensive.

Regulated prices of goods and services have fallen by 3.2% and non-regulated prices by 0.7% compared to January of the previous year.

Compared to January 2014, the consumer price index was influenced the most by motor fuel, which was 20.7% cheaper. The 2.5% price decrease of food also had a bigger impact on the index – nearly a half of this increase was caused by 13% cheaper vegetables. Compared to the same period of the previous year, 3.1% more expensive alcoholic beverages and 7.2% more expensive tobacco had a bigger impact on the index as well. Compared to January 2014, of food products, the prices of coffee have increased the most (21%) and the prices of sugar (43%) and fresh vegetables (18%) have decreased the most.

In January compared to December 2014, the consumer price index was also influenced the most by motor fuel as its prices fell by 8.3%. The increase in the prices of alcoholic beverages by 4.3%, caused by the ending of the December discounts and the implementation of new rates of excise duty as well as the widespread sales of clothing and footwear, also had a bigger impact on the index. Compared to December, of food products, the prices of carrots increased the most (42%) and the prices of oranges decreased the most (16%).

The previous time that the change in the consumer price index remained under -1.3% compared with the same month of the previous year was in December 2009 when the change was -1.7%.

Due to continuous changes in consumption patterns and prices, Statistics Estonia updates the weights system of the consumer price index and the representative goods every year. In 2015, the weights system of the consumer price index corresponds to the average expenditure structure of the population in 2014. The base prices used for calculations are December prices of the year 2014. To ensure comparability with previous periods, the consumer price index is continued to be published on the base 1997 = 100. The linking month is December 2014. The consumer price index is published on the 5th working day of the month following the end of the reference month. The table presents the expenditure structure (weights) used in 2014, as well as the expenditure structure used since the index of January 2015.

Consumer price index by commodity groups, January 2015