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1 Jun, 2022 09:35

Baltic nation tops eurozone inflation chart

Soaring energy prices have driven Estonia’s inflation up to 20%
Baltic nation tops eurozone inflation chart

Estonia’s annual inflation reached 20.1% in May, the highest rate in the euro area, according to the European Union’s statistics agency Eurostat. The April figure was 18.1%.

Lithuania and Latvia had the second- and third-highest increases at 18.5% and 16.4%, respectively.

Estonia has been hit by the largest electricity price hike and one of the largest natural gas price hikes in the EU.

Global energy prices, which had already spiked amid surging demand following the Covid-19 pandemic, have climbed even higher over disrupted oil and gas supplies from Russia.

Some European states have stopped buying Russian gas, some have been cut off for refusing ruble payments, while the US has banned oil imports from the country.

In April, the head of Latvia’s natural gas storage operator Conexus Baltic Grid said the three Baltic states – Latvia, Estonia and Lithuania – were no longer importing Russian natural gas.

Annual inflation in the eurozone is expected to hit 8.1% in May, according to preliminary figures released on Tuesday. Energy prices continue to have the greatest impact on the region’s economy.

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