Estonia Inflation Accelerates Further

Estonia's consumer price inflation increased for a sixth month in a row in July, largely driven by higher costs for housing and food, preliminary figures from Statistics Estonia showed on Friday.

Consumer prices increased 22.8 percent yearly in July, following a 21.9 percent rise in June.

"Compared to July 2021, the consumer price index was affected the most by housing-related price changes, which contributed over 40 percent of the total rise," Viktoria Trasanov, a leading analyst at Statistics Estonia, said.

Housing costs alone grew 68.2 percent annually in July. Electricity costs for homes surged 142.9 percent and heating prices jumped 62.7 percent. Gas was 235.4 percent expensive and solid fuel prices soared 80.1 percent.

Transport costs surged 28.7 percent July and prices for hotels, cafes and restaurants increased 22.1 percent.

Prices for food and non-alcoholic beverages rose 19.7 percent and those for household goods gained 14.3 percent.

Cost of goods increased 17.7 percent yearly in July and that of services grew 33.1 percent.

On a monthly basis, consumer prices rose 1.9 percent in July, after a 2.7 percent growth in the prior month.

The biggest monthly impact came from the housing and food-related price increases. Electricity was 15.0 percent and gas 22.5 percent more expensive compared to the previous month.

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