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Estonia Inflation Highest Since November 1996

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Estonia’s consumer price inflation increased to the highest level since November 1996, driven by fuel and energy prices, data from Statistics Estonia showed on Thursday.

Consumer prices rose 15.2 percent yearly in March, following an 12.0 percent increase in February.

The latest inflation was the highest since November 1996, when it was 16.4 percent.

Cost of goods increased 13.7 percent annually and that of services grew 18.1 percent from the previous year.

“Compared to March 2021, the consumer price index was affected the most by housing-related price changes, which contributed over a third of the total rise in the index,” Viktoria Trasanov, leading analyst at Statistics Estonia, said.

Electricity prices surged 72.1 percent annually, central heating costs jumped 27.4 percent and pipeline gas was 72 percent more expensive.

Housing costs grew 35.4 percent annually in March and transport costs rose 25.3 percent. Prices for food and non-alcoholic beverages gained 13.8 percent and those of education increased 14.2 percent.

On a monthly basis, consumer prices rose 2.7 percent in March, following a 1.5 percent increase in the previous month.

The biggest impact came from rise in prices of motor fuel, which contributed nearly half of the total growth, the agency said.

The price for petrol grew 13.8 percent and those of diesel fuels were 25.2 percent more expensive.

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