Financial News: Estonia Inflation Climbs To 18.6% On Higher Food,

Estonia Inflation Climbs To 18.6% On Higher Food, Housing Costs

02/07/2023 - 08:55:00 (RTTNews)

(RTTNews) - Estonia's consumer price inflation accelerated for the first time in five months in January, owing largely to sharp increases in food and housing costs, preliminary figures from Statistics Estonia showed on Tuesday.

The consumer price index rose 18.6 percent year-over-year in January, following a 17.6 percent gain in December.

"Compared with January 2022, the consumer price index was influenced the most by price increases of food and non-alcoholic beverages, which accounted for a third of the total rise," Viktoria Trasanov, leading analyst at Statistics Estonia, said.

Price changes related to housing accounted for nearly a quarter of the total increase, Trasanov added.

Housing costs were 31.6 percent more expensive in January, and prices for food and non-alcoholic beverages grew 31.6 percent.

Transport charges showed an annual growth of 12.1 percent, and those for hotels, cafes and restaurants moved up 16.5 percent.

On a monthly basis, consumer prices rebounded 0.8 percent in January, after falling slightly by 0.1 percent in December.

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