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Published on : Apr 09, 2015

The data from Statistics Estonia exhibits that the consumer price index had gone 0.6 per cent higher in March, 2015 compared to February, 2015. The price level was 0.6 per cent lesser comparing to March, 2014 and the consumer prices have been dropping for 10 consecutive months, year-on-year. The preliminary data exhibits that the harmonized consumer price depression for the euro area was around 0.1 per cent in March, 2015, which is the lowest price decline during the previous 4 months.

During the first three months of 2015, the consumer prices were generally influenced by major price fluxes on commodities markets. After a sharp price decline at the initiation of this year, the price of the motor fuels went up by around of 12 per cent in February and March, 2015. 

In addition to the rise of the crude oil prices in the global marketplaces, the price of the motor fuels in monthly terms was triggered by the concurrent decline of the euro. The motor fuels were, though, 11 per cent cheaper than the previous year and this is probably the reason behind the price decline of many of the transportation services in March, 2015.

Simultaneously, the euro was 4.3 per cent down against the U.S. dollar in February, 2015, but when compared to the climax of the year 2008, the euro is now approx 30 per cent cheaper. The decline of the euro should encourage a pickup in inflation, but till now, its impact on the inflation has been minimal.