Rising food prices continue to drive up inflation

Text Mark Taylor
Photo Tara Clark / Unsplash

According to data released by Statistics Estonia, in June, the Consumer Price Index (which is the most widely used indicator of inflation) increased by 0.7 per cent compared with May 2023 and by 9.2 per cent compared with June 2022. Goods were 9.0 per cent and services 9.2 per cent more expensive than in June last year.

“Compared with June 2022, the Consumer Price Index was influenced the most by the price increase of food and non-alcoholic beverages, which accounted for almost half of the total rise. Compared with June last year, fresh vegetables were 37.2 per cent, fresh fruits and berries 34.5 per cent, flour, cereals and cereal products 21.7 per cent, meat and meat products 16.8 per cent, and milk, milk products and eggs 16.2 per cent more expensive. Other edible oils were 6.6 per cent and fresh fish 6.2per cent cheaper,” said Viktoria Trasanov, a team lead at Statistics Estonia.

“Motor fuels also had a big impact on the index with petrol 20.7 per cent and diesel fuel 25.6 per cent cheaper,” added Trasanov.

The last time that the change of the Consumer Price Index compared with the same month of the previous year was smaller than 9.2 per cent was in November 2021 when it was 8.8 per cent.

Compared with May 2023, the Consumer Price Index was influenced the most by price changes related to food and non-alcoholic beverages, which accounted for two-fifths of the total rise. Accommodation services were 16.2 per cent more expensive in June and provided more than a fifth of the total index increase.

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