Consumer prices rose 4 percent year-over-year in May
According to a preliminary estimate by Statistics Estonia, the harmonized consumer price index increased by four percent in May compared with a year earlier, and by 0.9 percent compared with April.
"The last time we saw such a large monthly price increase as in May was in August of last year, when VAT had risen, and when accounting for seasonal factors, in February of last year," said Lenno Uusküla, chief economist at Luminor.
According to Uusküla, the faster price increase in May was driven by higher energy and other commodity prices — caused by the crisis in the Strait of Hormuz — feeding into other prices. However, to a significant extent, various one-off factors may also have contributed to the monthly increase and could subside next month.
In April, consumer prices were 3.4 percent higher year-over-year and 0.9 percent higher month-over-month.
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Editor: Argo Ideon
