Analytics, Estonia, Inflation, Markets and Companies
International Internet Magazine. Baltic States news & analytics
Friday, 29.03.2024, 03:33
In May, annual deflation 1.7% registered in Estonia
Viktoria Trasanov, a leading analyst at Statistics Estonia, noted that, “The last time the
change of the consumer price index in comparison with the same month of the
previous year was so substantial was more than ten years ago in December 2009,
when it was also -1.7%.”
Compared to May
2019, the consumer price index was affected the most by the price decrease of
motor fuel. Petrol was 18% cheaper, and diesel fuel, with excise lowered in
May, was 26.8% cheaper. Electricity, heat energy and heating were altogether
9.3% cheaper. This included electricity that reached homes, which was 17%
cheaper compared to the previous year. A greater impact on the index came also
from more expensive food and non-alcoholic beverages. The main contributors to
their price increase were fruit, and meat and meat products, which were
respectively 23.3% and 8.1% more expensive. Among food products, prices fell
for potatoes (-28%), fresh vegetables (-26%) and fresh fish (-22%).
Regulated prices
of goods and services fell by 10.8% and non-regulated prices rose by 0.8%
compared to May 2019.
Compared to April, the consumer price index was affected the most by 10.5% cheaper motor fuel and by housing where prices decreased for rent (-4.9%), electricity that reached homes (-1.6%) and gas (-6.5%).
Change of the consumer price index by commodity groups, May 2020 |
||
Commodity group |
May 2019 – May
2020, % |
April 2020 –
May 2020, % |
TOTAL |
-1.7 |
-0.7 |
Food and non-alcoholic beverages |
2.5 |
0.0 |
Alcoholic
beverages and tobacco |
-3.7 |
-0.1 |
Clothing and
footwear |
-1.1 |
-1.0 |
Housing |
-6.3 |
-1.3 |
Household goods |
1.2 |
0.2 |
Health |
3.6 |
2.1 |
Transport |
-9.6 |
-3.9 |
Communications |
-1.6 |
-0.7 |
Recreation and
culture |
4.6 |
0.8 |
Education |
-20.8 |
0.6 |
Hotels, cafés
and restaurants |
-0.4 |
0.7 |
Miscellaneous
goods and services |
0.4 |
-1.4 |
Due to the
emergency situation that was in effect in Estonia in the first half of May,
some changes were made in the consumer price index production process. Instead
of visiting stores, many prices were obtained from online stores, especially in
the case of outlets that were temporarily closed. For cultural institutions,
which are still closed, March prices were used. As air traffic partially
recovered, the index was calculated taking into account flights that actually
took place. There were still no package holidays. Price developments for the
latter were unpredictable, and therefore, the monthly rate of change of the
consumer price index was calculated using indices for goods and services that
were sold, and this was applied to package holidays. The decline in the index
for education was caused by the decision of municipalities not to charge place
fees for kindergartens during the emergency situation.
See also the consumer price index calculator.
For the statistical activity “Consumer price index”, the main
representative of public interest is the Ministry of Finance, commissioned by
whom Statistics Estonia collects and analyses data. The data help to get an
overview of the situation in Estonia, allowing ministries to make informed
decisions.
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