Inflation fell by 0.6% in July

Text Mark Taylor
Photo Andrei Chertkov

According to data released by Statistics Estonia, in July, the Consumer Price Index (which is the most widely used measure for inflation) decreased by 0.6 per cent compared with June 2023. However, compared with July 2022 it increased by 6.4 per cent, with goods were 8.1 per cent and services 3.1 per cent more expensive than in July last year.

“Compared with July 2022, the Consumer Price Index was influenced the most by price increases of food and non-alcoholic beverages, which accounted for more than half of the total rise. Compared with July last year, sugar was 59.3 per cent, cocoa 38.7 per cent, fresh fruits and berries 34.8 per cent, sauces 33.0 per cent, and confectioneries 28.3 per cent more expensive,” said Viktoria Trasanov, a team lead at Statistics Estonia.

However, at the other end of the spectrum, petrol was 16.4 per cent and diesel 23.4 per cent cheaper than July last year. “The price of gas also fell by 66.8 per cent,” added Trasanov.

Compared with June 2023, the Consumer Price Index was influenced the most by housing-related price changes, with a decrease in the price of heat energy (5.6 per cent) and gas (22.1 per cent), which accounted for more than 60 per cent of the total index fall.

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Consumer Price Index Electricity Prices Food Prices Fuel Price Inflation Price Rises Statistics Estonia