While the consumer price index (CPI) rose by 0.1% MoM in November, it fell by 1.1% YoY, state agency Statistics Estonia reported. Falling fuel prices in part resulted from diesel excise duty cuts earlier in the year. A fall in electricity prices also made its effects known.
Goods cost 1.2% less in November then in November 2019, while services cost 0.9% less.
Viktoria Trasanov, leading analyst at Statistics Estonia, said the fall in price of motor fuel had the biggest impact on CPI. “Diesel fuel prices decreased by 26.9% and petrol prices by 9.1%. Housing services also had a bigger impact, half of which could be attributed to the 2.6% price decrease of electricity, heat energy and heating.”
Diesel excise duties were cut earlier in the year, and price at pump dropped below the one-euro mark in summer, though recently exceeded it again.
Food prices among some staples rose significantly, notably baby food (by 13%), flour and related mixtures (12.3%).
However, potatoes fell by 17.9%, butter by 14.9% and fresh fish by 10%, Statistics Estonia said.
Electricity rose by 2.3% MoM and diesel by 3.2%.
Fresh fruit and vegetables were however cheaper than in October, by 7% and 2.3% respectively. (ERR/Business World Magazine)
