The CPI for services alone was 7.9 percent higher in November than in the same month in 2024, while goods rose in price by 2.9 percent over the same period.

By month, the CPI was down by 0.2 percent between October and November this year, Statistics Estonia said.

Commenting on the results, Lauri Veski, CPI team lead at Statistics Estonia, noted food price rises were the main driver of overall inflation, as food products carry the biggest weight in the CPI calculation.

"The prices of food products fell in September and October but started to increase again in November," he said.

Compared with October this year, food products were 1 percent more expensive in November.

Prices rose for vegetables (up 1.9 percent), cheese (which went up by 3.3 percent), fresh or frozen fish (up by 7.7 percent), and bread and bakery products (a 2.7 percent rise). Offsetting this were price drops for fresh fruits and vegetables (which fell by 1.4 percent) and for sausages and smoked meat products (down by 1 percent).

Vacations fell in price and electricity rose, between October and November.

"Compared with October, November saw lower prices for holiday trips, plane tickets and hotel accommodation," Veski noted.

Electricity was 1.6 percent more expensive. Gasoline rose by 8.1 percent and diesel 10.8 percent. Clothing and footwear prices rose by 1 percent. Housing costs were up just slightly at 0.3 percent, including a 0.5 percent rise in rent.

"Compared with November 2024, prices fell 5.7 percent for clothing and footwear and 0.1 percent for recreation and leisure, while food product prices rose 6.5 percent," Veski elaborated.

The 6.5 percent annual rise in food prices was driven by higher prices for meat and meat products (which went up by 7.1 percent), milk, dairy products and eggs (an 8.4 percent rise ), fruits (6.3 percent), and chocolate (which went up by as much as 27.8 percent). Year on year, prices fell for fresh vegetables (by 5.5 percent), sugar (8.2 percent), olive oil (by as much as 15 percent), and flour and cereals (2.6 percent).

More detailed information is available from Statistics Estonia here, here and here.

Economist: Food price inflation 'strong'

Also commenting on the results was chief economist at Luminor bank Lenno Uusküla. "The prices of food and non-alcoholic beverages rose by a full one percent, or only slightly less – 0.8 percent – when seasonally adjusted," he noted.

Leisure-related expenses exerted a downward pressure on inflation, he said, mainly due to volatile package holiday prices and not indicating any change in the overall price trend, Uusküla added.

Catering and accommodation prices fell by 0.2 percent, but this decline was smaller than usual, meaning compared with a more typical fall, prices in fact rose by 0.4 percent, he added.

Hotels have for some time been saying that they are waiting for an opportunity to hike prices, but low demand and price competition with neighboring countries have made this very complicated, Uusküla added.

As for the near future, Uusküla said prices will continue to grow in the coming months, though at a much slower pace. The rallying of the euro may make imports cheaper, too, he said. This can give cause for hope that there will also be months when prices in Estonia fall, Uusküla added.

"The euro's exchange rate against the dollar has strengthened, making all imported goods cheaper. China is also exporting more cheaply than before because U.S. tariffs limit its export opportunities, and China is using dumping to build up global power for its own state. Energy is cheap as well," he said.

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