According to Statistics Estonia, in 2024, the consumer price index – the official measurement of inflation – increased by 3.5% compared with the average of 2023; price changes related to food and non-alcoholic beverages had the biggest impact on the consumer price index in 2024.
Lauri Veski, a team lead of consumer price statistics at the country’s official statistics agency, said the biggest impact on the consumer price index in 2024 came from price increases related to food and non-alcoholic beverages, which accounted for 23.7% of the total index rise. The prices of food and non-alcoholic beverages rose by 3.2% last year.
“Among food products, the biggest rise occurred in the prices of olive oil (44%) and juices and syrups (36.7%). The prices of chocolate also went up significantly (14.5%). On the other hand, there was a considerable decrease in the prices of sugar (18%) and fresh vegetables (11.6%). Petrol was 2.7% and diesel fuel 4.4% cheaper,” Veski said.
In December 2024, the consumer price index increased by 0.1% compared with November 2024 and by 3.9% compared with December 2023. Goods were 3.2% and services 5.1% more expensive than in December 2023.
Orange juice price jumps by 68% y/y
Veski said that, compared with December 2023, the consumer price index in December 2024 was affected the most by price changes related to food and non-alcoholic beverages.
“Among food products, the prices of juices and syrups, primarily orange juice, increased the most, by 68.1%. Chocolate was 36%, frozen fruits and vegetables 35.7% and olive oil 23.9% more expensive. The prices of petrol and diesel fuel had been in decline for a while but, by December, returned to a similar level as in December 2023,” Veski noted.
Compared with November, the consumer price index in December 2024 was influenced the most by rising prices in transport – petrol was 3.2% and diesel fuel 5% more expensive, and there was also a rise in the prices of international flights and holiday trips which fluctuate more month to month.
