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Financial News: Estonia Consumer Prices Decline Most Since 2016

Estonia Consumer Prices Decline Most Since 2016

05/08/2020 - 07:54:00 (RTTNews)

(RTTNews) - Estonia's consumer prices fell at the fastest rate in over four years in April, dragged down by the transport sector prices, data from Statistics Estonia showed on Friday.

The consumer price index fell 0.8 percent year-on-year in April, after a 0.9 percent increase in March.

The decline was first since July 2016 and the worst since May that year, when prices fell 0.9 percent.

Consumer prices were affected the most by prices in the transport group, mainly cheaper motor fuel. Petrol decreased 12.4 percent and diesel fuel was 8.8 percent cheaper.

Electricity prices dropped 15.1 percent and heat energy charges were 3.4 percent lower.

Prices of food and non-alcoholic beverages grew 3.1 percent.

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 caused by coronavirus or Covid-19, Statistics Estonia analyst Viktoria Trasanov said.

On a monthly basis, consumer prices fell 0.4 percent in April, following a 0.7 percent decline in the previous month.

Separate data from the statistical office showed that the industrial production declined 8.3 percent year-on-year in March, after a 3.4 percent rise in February.

Manufacturing output fell 6.2 percent annually in March.

Energy production and mining declined by 30.7 percent and 22.7 percent, respectively.

The impact of the Covid-19 pandemic had an effect on manufacturing in March, Helle Bunder, analyst at Statistics Estonia, said.

"Of the 23 manufacturing activities, growth was recorded in only four: manufacture of food products, chemical and pharmaceutical products and electrical equipment," Bunder said.

"In the past, it was usual that half or even more activities presented a positive trend, but this is not the case anymore."

On a monthly basis, industrial production declined 9.1 percent in March, reversing a 9.4 percent rise in the previous month.

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