The consumer price index grew by 18.8% YoY in April, with price advance faster than in decades. Housing expenses contributed the most, Statistics Estonia reported.
According to Statistics Estonia, in April, the consumer price index increased by 3.6% MoM and by 18.8% YoY. Goods were 14.4% and services 27.8% more expensive than in April last year.
Viktoria Trasanov, leading analyst at Statistics Estonia, said that compared to April 2021, the consumer price index was affected the most by housing-related price changes, which contributed over 40% of the total spike. Electricity that reached homes was 119%, heat energy 57.7% and pipeline gas 237.2% more expensive.
“In April, the automatic compensation scheme for electricity, electricity transmission fees, district heating, pipeline gas and gas transmission fees ended,” Trasanov explained.
Rents were 34.4% more expensive.
The price changes of food and non-alcoholic beverages and the price changes of transport both accounted for nearly a fifth of the total increase. Among food products, the biggest increase compared to April 2021 was recorded in the prices of potatoes (+134.3%), oils (+57%), cereals flour (+37.7%), pasta products (+36.9%), eggs (+34.8%) and fresh fish (+30.7%). Petrol was 32.5% and diesel fuel 48.6% more expensive.
Educational and childcare costs spiked, as local governments’ kindergarten fee suspensions introduced to mitigate the effects of the Covid pandemic also expired.
Compared to March, the biggest impact on the consumer price index came from housing-related price increases, which accounted for over 70% of the total rise. Electricity that reached homes was 28.6%, heat energy 23.8%, pipeline gas 96% and rents 12.5% more expensive. Compared to March, motor fuel was 3.8% cheaper in April. (ERR/Business World Magazine)