Flash comment Estonia – Prices increased by 0.1% in 2016

SwedbankConsumer price index increased by 0.1% in 2016. Higher excise taxes on alcohol, tobacco, and motor fuels contributed positively, while cheaper energy had the biggest negative impact on prices. The prices of alcoholic beverages and tobacco were around 6% higher than in 2015.

Heat energy were 9%, pipeline gas 20%, and motor fuels 4% cheaper than in 2015. Nevertheless, due to a gradual rise in oil prices since January 2016, and a hike in excise taxes in February 2016, the prices of motor fuels have started to rise. In December 2016, gasoline and diesel prices were already 16% higher than one year before.

CPI growth

 

In 2017, inflation in Estonia is expected to accelerate to around 3%, due to more expensive commodities, and new rounds of excise tax hikes on alcohol, tobacco, and fuels. In 2014-2016 average price level remained flat in Estonia, prices increased last time in 2013 (+2.8%).

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