A more recent publication of this set of statistics is available.

Latest publication: Consumer price index 2017, February

Published: 14 December 2016

Inflation 0.7 per cent in November

The year-on-year change in consumer prices calculated by Statistics Finland was 0.7 per cent in November. In October, inflation stood at 0.5 per cent. The slight rise in inflation was affected, for example, by increases in the consumer prices of the vehicle tax, hospital fees, dentist fees and real estate from one year ago.

Inflation indicators in Finland, November 2016

  Point figure Annual change (%) Monthly change (%)
Consumer Price Index 2015=100 100.8 0.7 0.0
Cost-of-living Index 1951:10=100 1921    
Harmonised Index of Consumer Prices 2015=100 100.8 0.7 -0.0
Harmonised Index of Consumer Prices at Constant Taxes 2015=100 100.6 0.5 -0.0

Consumer prices were raised in November by increases in the vehicle tax, hospital fees, dentist fees and real estate from one year ago. Compared with the previous year, interest on housing loans and consumer credits, as well as consumer prices of mobile phones decreased most. Examined in the short-term, the rise of inflation was mostly influenced by higher consumer prices of real estate. From October to November, consumer prices changed by 0.0 per cent.

Each mid-month, Statistics Finland's interviewers collect altogether around 48,000 prices on nearly 500 commodities from approximately 2,700 outlets for the Consumer Price Index. In addition, some 1,000 items of price data are gathered by centralised collection.

According to preliminary data, inflation in the euro area was 0.6 per cent in November

According to the preliminary data on the Harmonised Index of Consumer Prices, the rate of inflation in the eurozone was 0.6 per cent in November. In October, it stood at 0.5 per cent. The corresponding figure for Finland in November was 0.7 per cent.

The Harmonised Index of Consumer Prices does not include owner-occupancy, games of chance, interests on consumption and other credits, fire insurance on owner-occupied dwellings or the vehicle tax. The consumption items included in the Harmonised Index of Consumer Prices, as well as the rules governing its compilation, have been defined in EU regulations.

Eurostat’s estimate of inflation in the euro area is based on preliminary data from the Member States and on the price development of energy. Eurostat will publish detailed data on Harmonised Indices of Consumer Prices for November on 16 December. Information of inflation in EU countries is available on Eurostat homepage, eurostat (http://ec.europa.eu/eurostat/web/main).

The year-on-year change in the Harmonised Index of Consumer Prices at Constant Taxes was 0.5 per cent in November

The year-on-year change in the Harmonised Index of Consumer Prices stood at 0.7 per cent in November and that in the Index at Constant Taxes measuring market inflation at 0.5 per cent. Over twelve months, the combined raising impact on consumer prices from changes in commodity tax rates was thus 0.2 percentage points. The month-on-month change in the Harmonised Index of Consumer Prices was 0.0 per cent and that in the Index at Constant Taxes 0.0 per cent in November.

Harmonised Index of Consumer Prices at Constant Taxes

The inflation measured by Consumer Price Index consists mainly of products and services priced by enterprises and the public sector, and value added and commodity taxes. Some 25 per cent of the private consumption described by the Harmonised Index of Consumer Prices (HICP) consists of value added or other taxes. The Harmonised Index of Consumer Prices at Constant Taxes (HICP-CT) is based on the HICP so the two indices have the same weight structure and price data. HICP-CT is calculated with a method which holds the tax rate constant relative to the reference period. When tax changes take place, the impact of the tax change on commodity prices is eliminated from HICP-CT. The price impact of the tax changes is obtained by comparing the development of the HICP and HICP-CT.


Source: Consumer Price Index, Statistics Finland

Inquiries: Ilkka Lehtinen 029 551 3478, Kristiina Nieminen 029 551 2957, khi@stat.fi

Director in charge: Ville Vertanen

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Tables

Tables in databases

Appendix tables

Figures

Updated 14.12.2016

Referencing instructions:

Official Statistics of Finland (OSF): Consumer price index [e-publication].
ISSN=1799-0254. November 2016. Helsinki: Statistics Finland [referred: 24.3.2017].
Access method: http://www.stat.fi/til/khi/2016/11/khi_2016_11_2016-12-14_tie_001_en.html

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