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Prices of goods & services higher in July

07
Aug '08

According to Statistics Estonia, in July 2008 the percentage change of the consumer price index was 11.1% compared to July of the previous year.

This year compared to the respective month of the previous year, the change of consumer price index has stayed around 11%, being the lowest in March (10.9%) and the highest in April and June (11.4%).

In July 2008 compared to July of the previous year, the prices of goods changed by 10.5%, of which the prices of food by 15.9% and the prices of manufactured goods by 6.2%. The prices of services increased 12.2% over the year. Regulated prices of goods and services changed by 22.8% and non-regulated prices by 7.8% over the year.

The index was mainly influenced by the price increase of food, higher prices of motor fuel accompanied by the increase in the prices of transport services and by the increase in the expenditures on housing. Annual price increase of food accounted for nearly a third, transport — slightly over a fifth and housing — nearly a fifth of the total percentage change. The price increase of heat energy and electricity had the greatest impact on the increase of expenditures on housing, even after the value added tax rates of heating fuel, which increased in July of the previous year, became equivalent in comparable months.

On average, the prices of goods and services in July were 0.7% higher than in June.

The consumer price index was mainly influenced by the increase in the prices of alcoholic beverages and tobacco products proceeding from the change in the rates of excise duties; by the increase of expenditures on housing, of which the increased prices of electricity gave more than a half; by lower prices of vegetables and by special sales of clothing and footwear.

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Statistical Office of Estonia

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