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Financial News: Estonia Consumer Prices Fall For Fifth Month

Estonia Consumer Prices Fall For Fifth Month

09/07/2020 - 06:07:00 (RTTNews)

(RTTNews) - Estonia's consumer prices decreased for a fifth consecutive month in August, data from Statistics Estonia showed on Monday.

The consumer price index fell 0.9 percent year-on-year in August, same as seen in July.

The fall was driven by a the price of motor fuel for a fifth month in a row, Viktoria Trasanov, leading analyst at Statistics Estonia, said.

Diesel fuel prices decreased 24.2 percent year-on-year and petrol prices fell 6.9 percent.

These were followed by a 14 percent fall in housing rent and a 7.4 percent decline in the household electricity bill.

In contrast, prices of food and non-alcoholic beverages grew 2.3 percent.

Transport cost declined 6.8 percent yearly in August. Prices for housing and hotels, cafes and restaurant decreased by 4.5 percent and 3.4 percent, respectively.

The consumer prices rose 0.6 percent month-on-month in August, after remaining unchanged in the previous month.

The monthly increase was driven the most by an 11.5 percent increase in the cost of household electricity and a 17.8 percent hike in airfares.

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