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Financial News: Estonia Inflation Rises Further In August

Estonia Inflation Rises Further In August

09/07/2022 - 05:10:00 (RTTNews)

(RTTNews) - Estonia's consumer price inflation continued to increase in August, largely driven by higher costs for housing, preliminary figures from Statistics Estonia showed on Wednesday.

Consumer prices increased 24.8 percent yearly in August, following a 22.8 percent rise in July.

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

Housing costs alone grew 82.7 percent annually in August. Electricity costs for homes surged 205.9 percent and heating prices climbed 61.7 percent. Gas was 244.2 percent expensive and solid fuel prices rose 100.0 percent.

Transport costs gained 24.3 percent and prices in hotels, cafes and restaurants increased 19.2 percent.

Prices for food and non-alcoholic beverages rose 21.4 percent and those for household goods surged 15.4 percent.

Cost of goods increased 18.3 percent yearly in August and that of services grew 37.6 percent.

On a monthly basis, consumer prices rose 2.3 percent in August, following a 1.9 percent increase in the prior month.

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