Estonia’s year-on-year inflation hits a whopping 22%

Estonia’s year-on-year inflation hit a whopping 21.9 per cent in June 2022, according to Statistics Estonia, the country’s official statistics agency; goods were 17.9% and services 29.7% more expensive than in June last year.

Estonia’s inflation rate was the highest in the eurozone where the average was 8.6 per cent.

Viktoria Trasanov, a leading analyst at Statistics Estonia, said that, compared with June 2021, the consumer price index was affected the most by housing-related price changes, which contributed over 40% of the total rise in the index.

“Electricity that reached homes was 129.6%, heat energy 62.7%, pipeline gas 228.3% and solid fuels 77.3% more expensive. The price changes of transport and food and non-alcoholic beverages both accounted for a fifth of the total increase of the index. Petrol was 51.1% and diesel fuel 67.3% more expensive,” Trasanov said in a statement.

Among food products, the biggest increase compared with June 2021 was recorded in the prices of potatoes (111.5%), eggs (61.9%), fresh fish (57.6%), flour and cereals (54.8%) and spices (53.4%).

Compared with May, the biggest impact on the consumer price index also came from the fuel-related price increases. Gas was 9.9% and diesel fuel 8.4% more expensive. The electricity that reached homes was 11.3% and solid fuels 6% more expensive. The price increase of food and non-alcoholic beverages accounted for nearly a fifth of the total increase.

According to Eurostat, the European Union’s official statistics agency, all the Baltic states had the highest inflation rates in the eurozone – Lithuania 20.5% and Latvia 19%.

The lowest rates were recorded in Malta at 6.1% and France at 6.5%.

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