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Financial News: Estonia Inflation Accelerates In May

Estonia Inflation Accelerates In May

06/07/2022 - 06:09:00 (RTTNews)

(RTTNews) - Estonia's consumer price inflation continued to increase in May, driven mainly by higher housing-related prices, data from Statistics Estonia showed on Tuesday.

The consumer price index increased 20.0 percent year-on-year in May, following an 18.8 percent rise in April.

Cost of goods grew 15.7 percent annually in May and that of services gained 28.8 percent.

"Compared to May 2021, the consumer price index was affected the most by housing-related price changes, which contributed over 40 percent of the total rise in the index," Viktoria Trasanov, leading analyst at Statistics Estonia, said.

Electricity costs for homes jumped 146.3 percent, heat energy prices surged 61.2 percent, pipeline gas prices soared 217.3 percent, and solid fuels were 67.3 percent more expensive, the analyst said.

Housing costs increased 63.0 percent yearly in May and prices for transport rose 27.0 percent. Prices for food and non-alcoholic beverages, and hotels, cafes and restaurants grew by 17.0 percent and 13.3 percent, respectively.

On a monthly basis, consumer prices rose 1.9 percent in May, after a 3.6 percent growth in the prior month. This was the slowest since February.

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