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Monday, September 8, 2008

Estonian Inflation Holds On The 11% Mark In August

Inflation slowed a little in Estonia in August, but only very slightly. During the whole of 2008 the rate of change of the consumer price index when compared with the respective month of the previous year has hovered around the 11% mark, with the lowest reading being in March (10.9%) and the highest in April and June (11.4%). August was in fact no exception.

In fact, in August 2008 when compared to August of the previous year, Estonian consumer prices were up by exactly 11.0%. Food prices increased by 17.1% and the prices of manufactured goods by 6.2%. The prices of services increased by 11.2%. Regulated prices of goods and services were up by 23.5% and non-regulated prices by 7.6%. 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, increase in the expenditures on housing, as well as by the increase in the prices of alcoholic beverages and tobacco. The annual price increase of food and transport accounted for half the increase, housing — for a sixth.

Month on month, prices in August were 0.1% higher than in July. The monthly change was mainly influenced by the decrease in the price of motor fuel, by the seasonal price decrease of vegetables, by the increase in the prices of tobacco products proceeding from the change in the rates of excise duties, and the end of special sales of clothing and footwear.

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