Analytics, Estonia, Inflation, Markets and Companies

Goods were 1.1% and services 1.9% more expensive compared to December 2012.

Regulated prices of goods and services have decreased by 0.7% and non-regulated prices have risen by 2.1% compared to December of the previous year.

Compared to December 2012, the consumer price index was influenced the most by the 21.9% price increase of electricity that arrived at homes, which accounted for 60% of the total increase. Two thirds of the increase in the index caused by electricity were cancelled out by the decreasing prices of communication services, which were in decline all year. The 2.2% price increase of food was cancelled out by the 2.8% price decrease of transport. In December 2013, motor fuel was 1.8% cheaper than in the same month in 2012. Compared to December 2012, of food products, the prices of fish have increased the most (15%) and the prices of coffee, eggs and sugar have decreased the most (17%, 15% and 15%, respectively).

In December compared to November, the consumer price index was mainly influenced by the 3.9% price decrease of electricity that arrived at homes. The plane tickets bought for December were 27% more expensive than in November. Motor fuel was 1.6% more expensive than in November. The sales of alcoholic beverages and the 6.9% price increase of other fruits also had a bigger impact on the index. Compared to November, of food products, the prices of fresh cucumber (23%) and bananas (21%) increased the most and the prices of Chinese cabbage (14%) and rape seed oil (10%) decreased the most.

Change of the consumer price index by commodity groups, December 2013

According to Statistics Estonia, the consumer price index increased 2.8% in 2013 compared to the average of 2012.

The annual change of the consumer price index was mainly influenced by the 28.7% price increase of electricity that arrived at homes, which accounted for two thirds of the total increase. The 4.9% price increase of food and the 3.5% price decrease of transport also had a bigger impact on the index. Motor fuel was 3.7% cheaper than in 2012.

In 2013, of food products, the prices of potatoes (39%) and fresh vegetables (16%) increased the most and the prices of coffee and sugar (11%) decreased the most, compared to the average of 2012.

In the last fifteen years, the annual change of the consumer price index has been under 3% on two occasions: –0.1% in 2009 and 1.3% in 2003. A 3% annual change was recorded in 2010 and 2004.

Change of the consumer price index by commodity groups, 2013