Rising food prices still driving inflation

Text Mark Taylor
Photo Markus Spiske / Unsplash

According to data released this morning by Statistics Estonia, in March, the Consumer Price Index (which monitors the prices paid for goods and services) increased by 0.7 per cent compared with February and by 15.3 per cent compared with March 2022. Goods were 14.4 per cent and services 17.2 per cent more expensive than in March last year.

“Compared with March 2022, the Consumer Price Index was influenced the most by price increases of food and non-alcoholic beverages, which accounted for over a third of the total rise, and housing-related price changes that accounted for a quarter of the total increase. Electricity that reached homes was 49.5 per cent, heat energy 35.6 per cent, solid fuels 41 per cent, and gas 17.8 per cent more expensive,” explained Viktoria Trasanov, a leading analyst at Statistics Estonia.

Among food products, the biggest increase compared with March of last year occurred in the price of sugar, up by 97.1 per cent. Eggs were 43.3 per cent, cocoa 42.3 per cent, sauces 39.7 per cent, spices 38.8 per cent, and bread products 38.4 per cent more expensive. “Petrol was 9 per cent and diesel fuel 11 per cent cheaper,” Trasanov added.

Compared with February, the Consumer Price Index was influenced the most by the rising prices of food, which accounted for two-fifths of the total increase and of which, in turn, more than a half was contributed by the 11.3 per cent price increase of fresh vegetables. The ending of seasonal sales of clothing and footwear also had a large impact on the index.

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