Estonian analysts believe Wednesday's decision by the Organization of the Petroleum Exporting Countries (OPEC+) to cut oil production will have a significant effect on future fuel prices.
While crude oil prices have now reached their lowest levels since January, the price of both gasoline and diesel is still higher than it was before Russian invasion of Ukraine starting February 24.
Economic analysts believe that a recession in the second half of 2022 is likely, with developments largely dependent on whether, and how, the government supports businesses which struggle to cope with rising energy prices this fall.
Grain prices have fallen this summer, and with them, the risk of global food crises compared with this spring. The prices of many other commodities have fallen as well, but these decreases nonetheless aren't likely to reach store shelves in Estonia.
While analysts forecast price advance to slow down in the second half of the year, Russia's attack on Ukraine has created new uncertainty, with the prices of energy and food now believed to continue growing.