Banks, Estonia, EU – Baltic States, Financial Services

"Estonia's economic recession has an adverse impact on demand and as a result, the prices of more and more goods have been adjusted," stated the central bank in its comment on the consumer price index that was published on Friday.

"Prices of many services have already reacted, for example, the prices of taxi services and accommodation services, rentals, eating in catering establishments," commented the Bank of Estonia.

At the same time, analysts estimated that it would take a little more time for the economic decline to affect the prices of some of the housing expenses. While the rest of the prices are falling, it is essential that the prices of these services would also fall. "Heating energy prices fell by 5% in February and the decline trend will continue in near future," stated the Bank of Estonia. The central bank also expected a major price decline in the prices of grain and meat products as the prices have fallen little in this segment.