Consumer Price Index rises by 3.5% in 2024

Text Ingel Kink
Photo Andrei Chertkov

According to Statistics Estonia, the Consumer Price Index (CPI), which is the key indicator of inflation, rose by 3.5% in 2024 compared to the previous year, with food and non-alcoholic beverages driving the most significant changes. Lauri Veski, team lead of consumer price statistics at Statistics Estonia, highlighted that these categories accounted for 23.7 per cent of the overall increase. Notably, olive oil prices surged by 44 per cent, and juices and syrups rose by 36.7 per cent. Meanwhile, chocolate prices increased by 14.5 per cent, though there were decreases in sugar (18 per cent) and fresh vegetables (11.6 per cent).

In December 2024, the CPI saw a marginal monthly increase of 0.1 per cent and a year-on-year rise of 3.9 per cent. Goods were 3.2 per cent and services 5.1 per cent more expensive than in December 2023. Veski noted, “Among food products, the prices of juices and syrups, primarily orange juice, increased the most, by 68.1 per cent. Chocolate was 36 per cent, frozen fruits and vegetables 35.7 per cent, and olive oil 23.9 per cent more expensive.”

Petrol and diesel, which had been declining, saw a December resurgence to similar levels as the previous year. Additionally, rising transport costs and fluctuating prices in international flights and holiday trips also influenced the CPI.

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2024 Economic Data Estonia Consumer price index 2024 Estonia Inflation Food Price Increase Non-Alcoholic Beverages prices Olive Oil Price Statistics Estonia Transport Cost Estonia