Inflation in Estonia reached 20 percent in May, driven by rising utility costs, as well as double-digit growth in the prices of goods and services, data from the Estonian statistical office showed on Tuesday. In April, consumer prices rose by 18.8 percent.
Estonia recorded the strongest growth in consumer prices among Eurozone members last month, at 20.1 percent, as indicated by the harmonized index of consumer prices (HICP) which facilitates comparison. According to data from the Estonian statistical office, the prices of goods rose by 15.7 percent in May, while service prices increased by 28.8 percent.
– Compared to May 2021, changes in utility prices had the greatest impact on the consumer price index, accounting for more than 40 percent of the total index growth – said the chief analyst of Statistics Estonia Viktoria Trasanov.
Household electricity prices have more than doubled, thermal energy prices rose by 61.2 percent, and solid fuel prices increased by 67.3 percent, Trasanov highlighted. The price of gas for households has more than tripled, she added.
Housing costs have risen by 63 percent year-on-year, while transportation prices increased by 27 percent. Prices for food and non-alcoholic beverages, as well as hotel accommodation and catering services in cafes and restaurants, rose by 17 and 13.3 percent, respectively.
On a monthly basis, price growth slowed in May to 1.9 percent, down from 3.6 percent in the previous month.
