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Financial News: Estonia Inflation Jumps To 19.4% In 2022

Estonia Inflation Jumps To 19.4% In 2022

01/06/2023 - 03:16:00 (RTTNews)

(RTTNews) - Estonia's consumer price inflation accelerated sharply in 2022, mainly due to higher housing-related prices, while price growth slowed in December, preliminary figures from Statistics Estonia showed on Friday.

Consumer price inflation surged to 19.4 percent in 2022 from 4.6 percent in 2021.

The latest growth in inflation was mainly influenced by higher housing-related prices in 2022, which accounted for two-fifths of the total increase, Viktoria Trasanov, the lead analyst of the Statistics Office, said.

"Electricity reaching homes became more expensive by 94.4 percent year-on-year, gas by 123.8 percent, solid fuel by 73.5 percent, and heat energy by 49.1 percent," Trasanov added.

Prices for food and non-alcoholic beverages grew 19.9 percent in 2022 and transportation costs climbed 22.8 percent.

Housing prices advanced 50.8 percent and prices for eating out and accommodation rose 15.0 percent.

Meanwhile, inflation eased to 17.6 percent in December from 21.3 percent in November.

The latest annual growth was affected the most by the changes in the prices of food and non-alcoholic beverages, which accounted for nearly 40.0 percent of the total increase.

The impact of housing-related price changes on the total monthly rise of the index was slightly below 20 percent.

On a monthly basis, consumer prices declined 0.1 percent in December, after a 0.9 percent rise in November.

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